Crypto wallets, known as 'whales', have reached a record share of Ethereum ownership, accounting for 57% of ETH in circulation, signaling possible shifts in market dynamics. This news comes amid a surge in Ethereum blockchain activity and growth in new wallets.
Ethereum Whales' Dominance
According to Santiment, 104 wallets each holding more than 100,000 ETH collectively control approximately $333 billion worth of Ethereum, representing 57% of its total supply. While major stakeholders ramp up their holdings, smaller wallet categories are declining. This trend is viewed as a positive long-term signal for Ethereum.
Surge in New Ethereum Addresses
The rise in whale accumulation aligns with a surge in new Ethereum addresses, reaching a daily average of 130,200 in December, marking an eight-month high. This uptick may be linked to increasing user interest and adoption of Ethereum-based DeFi and staking protocols. Concurrently, Ether has reclaimed the $4,000 level.
Social Sentiment and Altcoins
While Ethereum presents strong fundamentals, discussions around other cryptocurrencies are rising in social platforms. Bitcoin's rise to a record $107,800 has sparked discussions about its market dominance. Altcoins like Vanachains (VANA) and Moca Networks (MOCA) also capture attention due to their successes on exchanges.
The growth in Ethereum whale holdings and new addresses suggests potential positive developments for the cryptocurrency. However, market volatility and social sentiment continue to exert significant influence on digital assets' future trajectory.