- Top Ethereum investors are moving their holdings to non-exchange wallets.
- This suggests that ETH investors are confident about the future price of the cryptocurrency.
Ethereum investors are becoming so much confident about the future price of Ether (ETH) as the launch of Ethereum 2.0 draws nearer. Reports note that deep-pocketed investors have been increasingly accumulating the cryptocurrency, partly for accessing the decentralized finance (DeFi) market. Additionally, these investors have been moving a substantial amount of the cryptocurrency to non-exchange wallets for HODLing per se.
Whales: Ethereum investors are stacking up ETH
Recent information shared by the digital currency analytics platform, Santiment, shows that the ten largest Ether whale exchange addresses have been moving their ETH cryptocurrencies to non-exchange wallets. The cryptocurrencies were moved at a significant rate, which Santiment suggested was responsible for the 20.5 percent decrease in the ETH on different cryptocurrency exchanges since August.
The increasing rate at which deep-pocketed Ethereum investors move their holdings to external wallets shows they may not be selling anytime soon. Hence, the top Ethereum investors are having price confidence in the cryptocurrency.
🐳 $ETH's top 10 whale exchange addresses have continued swapping their funds to non-exchange wallets, & moving holdings at an impressive rate. The 20.5% decrease in tokens on exchanges the past 2 months indicates price confidence by top #Ethereum holders. https://t.co/zC5GvgoUN7 pic.twitter.com/xG3HJcz9sY— Santiment (@santimentfeed) October 19, 2020
More accumulation amongst institutions
It’s agreeable to note that institutional Ethereum investors’ cryptocurrency is getting long term bullish on the cryptocurrency. This is evident given that two percent of Ether’s circulating supply is being held in Grayscale’s Ethereum Trust alone, according to the CEO of Digital Currency Group, Barry Silbert.
While everybody has been focused on our bitcoin accumulation, the @Grayscale Ethereum Trust now holds over 2% of all ETH in circulation— Barry Silbert (@BarrySilbert) October 15, 2020
At the time of writing, the second-largest cryptocurrency has a circulating supply of 113,077,903 ETH. The cryptocurrency is trading at $380, with a Volume (24h) of over $12 billion. ETH’s market capitalization sits at $43 billion.