Ethereum accumulation trend hits new highs following FTX implosion

Hull Invest

Ethereum whales and sharks are accumulating ether (ETH) at record rates since the FTX crash, Santiment reported Nov. 30.

A market intelligence platform has revealed that wallets holding between 100 and 100,000 ETH have hit a 20-month high. According to his Nov. 23 tweet from the company, the last time these wallets accumulated so aggressively was: ETH rose by up to 50%.

Using Glassnode data, CryptoSlate has seen an increase in the accumulation of ETH addresses above 1000ETH.

Accumulation of ETH whales and sharks
Source: Glassnode

ETH Whale and Shark Accumulation Patterns

Santiment highlighted the accumulation pattern leading to the Ethereum Merge. According to charts, Ethereum whales and sharks gained more ETH in the weeks before the merge, boosting the value of the asset, but were dumped shortly after the merge.

A blockchain analytics firm noted that the addresses were dumped during October-November when the ETH vs BTC price rebounded slightly.

However, ETH whales and sharks began accumulating again shortly after the FTX implosion as the value of most digital currencies crashed.

Acquiring ETH shrimp

Grassnode data showed that shrimp also acquire large amounts of ether. Shrimp is an address that holds less than 1 ETH.

According to the chart below, ETH addresses with non-zero balances and addresses holding up to 1 ETH all hit all-time highs.

Accumulation of ETH shrimp
Source: Glassnode
Accumulation of ETH shrimp
Source: Glassnode

Meanwhile, the number of active Ethereum addresses also reached its highest level in over six weeks on November 28.

Santimento wrote The last time ETH active addresses hit this level was on October 15th, after which Ether’s price surged by more than 30% over the next three weeks.

ETH price rises 4%

The recent surge in ETH accumulation has had a positive impact on its price. According to CryptoSlate data, the asset has risen more than 4% to $1,265 in the last 24 hours.

The second-largest digital asset by market capitalization has grown by more than 11% over the past seven days.

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