The largest whales on the Ethereum ($ETH) network have added over $1 billion worth of the second-largest cryptocurrency by market capitalization in a single day as they continue “rapidly” accumulating the cryptocurrency after its price dropped significantly.
According to on-chain analytics firm Santiment, whales with between 10,000 and 1 million $ETH have added a total of 947,940 tokens to their wallets in a single day, meaning their accumulation topped $1 billion in just 24 hours.
The move comes at a time in which whale and shark addresses – those with 100 and 100,000 $ETH in their wallets – have been increasing their holdings by over 3.5% over the past 12 days, to now hold their largest percentage of the cryptocurrency’s supply since July 2021.
CryptoCompare data shows that Ethereum is, at the time of writing, trading at around $1,160 per toke, down from the $1,200 level Santiment mentioned, as the entity behind the FTX hack has sold all of its ETH on the market to buy renBTC, a tokenized version of BTC on other blockchains.
Ethereum was trading at $1,250 a week ago, and has been steadily dropping during the bear market from its all-time high near the $5,000 mark. At the beginning of the year, the cryptocurrency was trading close to the $4,000 mark per token.
Cryptocurrency investors have been moving their funds off of exchanges in the wake of FTX’s collapse, which occurred after the trading platform invested user funds and failed to honor withdrawals during a bank run.
As CryptoGlobe reported, October was a terrific month for the second-largest cryptocurrency by market capitalization, as even during a challenging macroeconomic environment Ethereum saw its price surge by 18.4% after several positive developments for the cryptocurrency.
According to CryptoCompare’s latest Asset Report, during the month of October, the price of Ethereum rose 18.4% while the flagship cryptocurrency Bitcoin rose 5.49. The S&P 500 index, meanwhile, rose by 5.26%, while the NASDAQ rose by 1.56%.
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