If you’re at all thinking of any profit-booking at this time, just hold-on Ethereum (ETH) investors as the rally might be just getting started. Ethereum whales are coming in big numbers to swallow up all the liquidity at this time. Cryptocurrency on-chain data provider Santiment has noted that while ETH has crossed $750 levels for the first time in 31 months, the number of ETH addresses holding 10,000+ ETH has spiked significantly over the last two months.
Sadly, retail investors have been booking profits at the same time with every rise in ETH price. As it happens, retail investors have been losing their holdings to giants and could probably missout on further rally ahead. Several on-chain indicators hint that the ETH is becoming an even more favorable investment asset with each passing day.
Earlier on Monday, December 28, Santiment also noted that ETH supply on exchanges has hit a 1.5 year low. The drying up of ETH liquidity and rising demand has pushed its price higher.
As per another on-chain analysis platform Glassnode, nearly 90% of the total ETH addresses are now in a state for profit. This has happened for the first time since January 2018. Interestingly, to give readers a perspective, only 3.2% of Ethereum addresses holding ETH were in profit earlier this year in March 2020.
Still don’t believe us that it’s the right time to invest in Ethereum (ETH)? This is what Bitcoin billionaire Tyler Winklevoss has to say about ETH.
At CoinGape we recently reported that institutional money inflow into Ethereum is real and just getting stronger every day. In his recent podcast episode, popular crypto investor Ryan Sean Admas noted that public-traded institution Ether Capital has recently raised an additional $125 million to buy more ETH.
On the other hand, despite the launch of Ethereum 2.0 in early December 2020, Ethereum miner activity has spiked on the existing blockchain. The Ethereum hash-rate has seen a major surge along with its price and is nearly 100% up since the beginning of 2020. Well, also thanks to DeFi!
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Source: On-Chain Data Shows Ethereum (ETH) Whale Accumulation Spikes, Major Rally Ahead