Ethereum (ETH) Anticipated rise as new data show spike in whale accretion

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If you’re thinking about any profit-booking at this time, just hold on to the Ethereum (ETH) investors, as the rally might just begin. Ethereum whales are coming in large numbers to swallow all the liquidity at this time. Cryptocurrency on-chain data provider Santiment noted that while ETH exceeded $750 for the first time in 31 months, the number of ETH addresses holding 10,000+ ETH has increased significantly over the last two months.

 

Unfortunately, at the same time, retail investors booked profits with every increase in ETH prices. As it happens, retail investors have lost their holdings to giants and could probably miss out on the next rally. Several on-chain indicators suggest that ETH is becoming an even more favourable investment asset with each passing day.

Earlier on Monday, 28 December, Santiment also noted that the supply of ETH to exchanges had reached a 1.5 year low. The drying up of ETH liquidity and rising demand has pushed prices higher.

 

 

As with the other on-chain analysis platform Glassnode, almost 90% of the total ETH addresses are now in a profit state. This has been happening for the first time since January 2018. Interestingly, to give readers a perspective, only 3.2 per cent of Ethereum addresses holding ETH were profitable earlier this year in March 2020.

Don’t you still believe that it’s the right time to invest in Ethereum (ETH)? This is what the billionaire Tyler Winklevoss of Bitcoin has to say about ETH.

Recent reports on the inflow of institutional money into Ethereum is real and is getting stronger every day. In his recent podcast episode, popular crypto investor Ryan Sean Admas noted that public-traded 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, the mining activity of Ethereum spiked on the existing blockchain. The Ethereum hash-rate has seen a major surge along with its price and has risen almost 100% since the beginning of 2020. Well, thanks to DeFi, too!

 

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