The number of Ethereum whale addresses, characterized as wallets holding at least $100,000 in ETH, has been steadily increasing in March, signaling renewed confidence among large holders.
Increase in Whale Addresses
According to Glassnode, the number of high-value Ethereum wallets grew from 70,000 to over 75,000 between March 10 and March 22. This suggests renewed interest and confidence among large holders as Ethereum remains a leading cryptocurrency in DeFi and smart contract adoption.
Current Metrics vs. December Levels
Despite the recent uptick, the number of Ethereum whale addresses remains significantly lower than the levels seen in December 2023. On December 8, Glassnode data recorded around 146,000 such addresses — nearly double the current count. This gap suggests that while accumulation is resuming, many large holders have not yet fully re-entered the market or have diversified into other assets.
Implications for the Market
The trend in whale addresses will be essential to monitor as Ethereum continues to navigate market fluctuations, network upgrades, and regulatory developments. A sustained rise in whale addresses could indicate stronger bullish sentiment ahead.
The rise in Ethereum whale addresses in March reflects renewed confidence among large holders, potentially having a positive impact on the market if the trend continues.
