Grayscale adds 10,000 Ethereum (ETH) as the price hovers around $1800, and Whale Addresses remain strong

Spread the love

 798 Interactions,  8 today

Since breaking through $1900 heights last Saturday, Ethereum (ETH) struggled to smash through its all-time peak of $2000 and has since retraced. At the time of writing, ETH is valued at $1781 with a market cap of $204 billion. Grayscale has resumed ETH accumulation following a small hiatus while the ETH price continues to linger near $1800.

According to Bybit info, the Grayscale Ethereum Trust (ETHE) purchased an additional 10,000 ETH coins on Tuesday, March 16, bringing its cumulative holding to 3.17 million. The Grayscale Ethereum Trust (ETHE) went on a huge purchasing binge last month, buying nearly 240K ETH coins in a single month.

According to Grayscale’s most recent update, the gross funds under control across its suite of product products is $42.9 billion. With $5.6 billion in nett assets under administration, the Grayscale Ethereum Trust (ETHE) owns 13% of this.

 

RECOMMENDED READ:  Ethereum Price Movement Analysis for 31st January 2021

On-Chain Metrics Show Maor Improvement in Ethereum Fundamentals

Although ETH’s price remains steady around $1800, its fundamentals continue to strengthen on the other end of the continuum. With the the whale concentration, the stock of Etheruem at the exchanges has been steadily decreasing.

 

Four weeks ago, Ethereum whale addresses with 10,000+ ETH coins reached an all-time peak. According to the most recent Santiment survey, the ETH whales are refusing to budge. Though ETH whale addresses have fallen by less than 1%, retail player addresses carrying 100-10,000 ETH coins have dropped by 7.2 percent. As a result, the supermarket players are losing large supplies to the big fish.

 

RECOMMENDED READ:  Bitcoin's domination is about to fall below 50% for the first time in three years.

In the other hand, Ethereum address operation continues to set new records. This strong ETH network address behaviour indicates that the price could return to $2000 values. In addition, the cumulative number of ETH coins in the ETH 2.0 Deposit Contract has surpassed a record high of 3.5 million.

Many observers predicted that Ethereum will have a strong bull run this year. Some economists expect that the price of ETH will surpass $10,000 in 2021.

 

Leave a Reply

Contact Us