With much of the attention in the crypto-space focused on the FTX debacle, whales and sharks have been quietly amassing ETH.
There are a lot of fish in the sea.
Addresses owning 100 to 100k ETH, according to Santiment, a renowned crypto-analytics firm, are profiting from the altcoin’s price decline. In fact, they have been amassing large amounts of $ETH. The tool also indicated that the previous time whales gathered that much ETH, the price of the cryptocurrency increased by 50% on the charts.
Now, even though whales seem to be accumulating Ethereum aggressively, it remains to be seen whether retail investors will follow suit as well.
However, at the time of writing, active addresses on Ethereum were declining. As can be seen, the number of active addresses fell dramatically over the past few months. In fact, according to Glassnode, the number of active addresses hit a 2-year low of 25,916.
Along with that, the number of addresses in loss also touched an all-time high. This indicated that most people holding Ethereum would not make a profit, if they were to sell their ETH at this point in time.
Despite the FUD and drop in price, Ethereum validators have continued to support Ethereum.
In fact, the number of validators on the Ethereum network grew by 5.51% over the last 30 days. At the time of writing, there were more than 474,000 validators on the network. These validators have continued to show faith in Ethereum, despite their declining revenue.
According to Staking Rewards, the revenue generated by Ethereum validators declined by 5.48% over the last 30 days. It remains to be seen whether these validators will continue to be on the Ethereum network.
Moreover, Ethereum’s network growth witnessed a spike over the last few days. This suggested that the number of new addresses that transferred ETH for the first time had appreciated over the last few days.
Along with that, Ethereum also recorded an uptick in its volume. From 5.54 billion on the 20th of November, its volume climbed as high as 11.27 billion on 24 November.
At the time of writing, ETH was trading at $1200.14, with its market cap appreciating by 3.09% in the last 24 hours.