It appears that Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been experiencing heightened interest from its whales, who possess nearly $125 billion worth of the asset, as market optimism returns and digital asset prices rise.
X user behind the OneArt crypto wallet revealed on November 22 that the 200 largest Ethereum wallets now possess 62.76 million ETH, valued at approximately $124.1 billion. This means that 52% of the 120.25 million ETH in circulation is held by these whales.
The mentioned addresses now own 30.3% more ETH than 48.2 million a year ago, as the network growth skyrocketed to its greatest level since July 2023. This information was previously provided by the blockchain analytics company Santiment, which OneArt cited.
At the same time, as of the most current data received on November 23, the price of Ethereum is $2,060.97, showing a climb of 1.86% for the day, 0.48% for the week, and an even more substantial improvement of 11.90% for the month.
Generally speaking, whale interest is a bullish indicator, especially when coupled with other encouraging news like the launch of Blast, the newest layer 2 project on Ethereum, which saw the transfer of over $230 million in ETH and stablecoins in its first 48 hours.
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