In the past 30 days, Ethereum has offered very little in terms of price movement in the charts. Since April 29, most of the assets have been consolidated between $ 200 and $ 215, keeping the volatile nature of crypto-assets at bay.
However, the market does not react only to current prices because certain actions and measures are taken by investors on the basis of assumptions for the future. According to recent data revealed by Santiment, investors in ETH whales had high hopes for the industry's largest altcoin.
The statistics of the analysis platform have revealed the addresses of whales ETH peaked 10 months in the charts in terms of cumulative detention of top 100 wallers without scholarship. The total amount accumulated by the 100 non-trading portfolios included 21.8 million Ethereum , valued at $ 4.5 billion according to the current valuation. It was also the largest collective balance held between the top 100 addresses since May 2019.
In addition, it was mentioned that in the past 48 hours alone, the addresses had added a total of 145,000 ETH to the total, adding an additional $ 30.3 million to the total valuation.
Accumulation in smallholders and Grayscale
The dataset presented above is certainly revealing, but such a sentiment is not uncommon among small investors. The recent Glassnode chart suggests that the number of Ethereum addresses holding more than 100 ETH tokens has also increased over the past 30 days.
However, with regard to the 100 portfolios without exchange, a solid argument can be made for the inclusion of addresses linked to Grayscale. Since this year, the assets under management (AUM) of the Grayscale Ethereum Trust Fund have increased from $ 11.7 million to $ 276.5 million since 2019.
It was previously reported that from December 31, 2019 to April 24, 2020, ETHE had purchased 48.4% of the total ether extracted in 2020.
Possibility of manipulation of the whale trade?
With a larger bullish feeling, the handling odors are also accompanied by a higher concentration of ETH in fewer addresses. As more than $ 5 billion is held by 100 addresses, the risks of manipulation of the whale trade are increasing in the industry.
Traders with more capital than most could push prices in the direction they prefer, or prevent prices from moving away from where they prefer.
Therefore, the data reveals two sides of the coin at the moment, and only time will tell if it has a positive turnaround for the largest altcoin in space.