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Top 10 crypto whales show confidence in ETH as they 20.5% from exchanges

Photo of: Dennis Ramos
by Dennis Ramos

A recent analytics report from Santiment analytics provider has revealed that the top 10 crypto whale wallets are constantly moving and withdrawing their ETH holdings from crypto exchanges because they are confident of the future prospects of ETH. The whale wallets are moving their holdings in ETH to non-exchange addresses from crypto exchanges establishing their confidence in ETH and its fine prospects. 

Source: Twitter

“ETH’s top 10 whale exchange addresses have continued swapping their funds to non-exchange wallets, & moving holdings at an impressive rate. The 20.5% decrease in tokens on exchanges the past 2 months indicates price confidence by top #Ethereum holders.”

This is the reason why Glassnode, the much-revered on-chain analytics provider has shown that the ETH balance on exchanges has registered a decrease to a new 10-month low. Santiment has further reported that apart from the top 10 crypto whales not ceasing to withdraw their ETH funds from exchanges, they are doing so at rapid rates. 

New trends observed

In the last two months, the whales have actually drained out different digital exchanges by at least 20.5% of ETH. The new finding and statistics reveal that there is price confidence because the traders believe that ETH has the potential to show strong dynamics in the future. 

Along with this new statistic and trend observed, Glassnode has also reported that the volume of ETH on digital exchanges has registered a 10-month low and dropped to new aggregates of 16,324,040.688 ETH. The new figure shows that the noted ETH is 1000 less than the value which was observed earlier today. Apart from that, Glassnode also revealed that the average transaction volume of ETH which is a 2-day MA has seen a whopping increase in the last 24-hours. 

Glassnode has also shared other data that point out to other significant facts. It indicates that the Ethereum community is incessantly on an acquisition mode and is acquiring more and more ETH coins because it is expecting the markets to act in a positive manner as a result of these activities. It was also observed that the number of wallets that contain 32+ ETH has hit a new all-time high of 124,599.

An increase in Non-zero ETH wallets observed by Glassnode

Source: Twitter

Glassnode also shared data according to which new users are also entering the ETH market with the amount of ETH sent to crypto exchanges witnessing an increase of 36.5%. The analytics firms also pointed out that the number of non-Zero ETH wallets has also hit a new ATH. The amount of these ETH addresses now amounts to  47,978,046 experiencing a good growth of almost 2,000 wallets as observed earlier today. 

Ethereum is rising steadily

With a steady rise above 375 against the US Dollar, the ETH price must clear the $385 resistance in order to continue higher in the near term. Ethereum began a decent upward movement after it reclaimed the $370 level. It broke the $375 resistance before it settled well. The bulls gained further strength which resulted in a push above the $380 level. However, as of now, it has failed to clear the $385 resistance level.