Ethereum [ETH] Whales accumulate billions despite the growth of stagnant ETH

The whales are accumulating! And so far, they control about a fifth of the total Ethereum coins in circulation. This is according to the recent results of cryptocurrency market research e Diar data analysis company who collaborated with TokenAnalyst to follow the activities of the Ethereum whales.

The biggest take away from the report that was published in their latest weekly newsletter is that balances for active whale addresses have increased by 80% this year. Starting from the end of November last week, there are about 500 active addresses in the top 1000 rich list of the Ethereum network.

These 500 addresses are accumulating ether as the price has declined and their balances now read a total value of ETH 20 million worth about $ 2.3 billion.

It seems embarrassing that whales could accumulate while the price of good is decreasing. However, according to Diar, the whales could still be profitable despite the market crash, as most of them have been accumulating since last year. In early 2017, the whales had accumulated 5 million coins.

This figure jumped to 11 million coins at the peak that was in January 2018. The price of ether fell from its historical high of $ 1.409 (according to Coinmarketcap) to current figures of $ 111, a loss of 92% in less than a year.

Diar attributes the accumulation of ETH to the exit of positions in pawns that have had a rather harsh year. Research has shown that most of the ICO treasury portfolios have been emptied over the course of the year.

Most of these portfolios were combined with ETH, which would make sense that they would cash in on ETH if they wanted to get out of their positions and several investors.

The report reads in part that "the massive growth of Ether's holdings by active whales could, and most likely, result from traders leaving the token trade, most of which have been matched to the ETH. , which has collapsed from all accounts with respect to the beginning of the year. "

It is interesting to note that, also the number of addresses that qualify as whales has been significantly reduced by 30% the year when we see that some whales during the high season may have been recessed while the bear season progressed.