The Santiment platform published data showing that whales hold over half of Ethereum's supply, while the daily average creation of new addresses has reached an 8-month high.
Whale Accumulation: A Long-Term Bullish Signal?
According to Santiment, 104 whales now control 57% of Ethereum's supply, which may signal long-term bullish sentiments. Meanwhile, other wallet metrics have hit historic lows. Wallets holding between 10 and 100,000 ETH have dropped to 33.46%, and those with less than 100 ETH have plunged to a 4-year low.
New Ethereum Addresses Reach 8-Month High
The daily average of new addresses on the Ethereum network exceeded 130,200 in December, reaching an 8-month high. This signals renewed interest in the cryptocurrency, pushing ETH's price above $4,000 on December 7 for the first time since March.
Price Dynamics and Expert Analysis
Despite ETH's slow price movement compared to other altcoins, analyst Benjamin Cowen noted it's 'fairly normal behavior for ETH.' He mentioned that in the last cycle, Ethereum only reached a new All-Time High in January of the post-halving year, suggesting a potential price increase in 2025.
Current data from Santiment indicates growing interest in Ethereum from both major investors and new network participants. Support from whales and the increase in new addresses could point to positive prospects for ETH's future.
