The deep-pocketed investors have been relatively accumulating the Ethereum coin (ETH) since June. Reportedly, the Ethereum whale addresses have been increasing since June. More so, the Ethereum miners are thought to be holding their cryptocurrency, rather than selling.
Ethereum whale addresses are on the rise
Following the data from Santiment recently shared on Twitter, Ethereum whale addresses increased by nearly five percent, since the start of June. Precisely, these are addresses holding at least 100,000 to 1,000,000 of Ethereum coins. Aside from the increasing Ethereum whale addresses, other ETH addresses have also been growing.
Recently, the addresses holding about 0.1 ETH reached a new all-time high. The number of such addresses grew by 10.9 percent since the beginning of the year, thereby exceeding the previous three million mark. Meanwhile, the new record accounts for the externally owned accounts (EOAs).
As of March, Santiment suggested that Ethereum whales are increasingly accumulating ETH on the expectation of Ethereum 2.0, which will transition the network to Proof-of-Stake (PoS). This was based on the findings that the 100 largest Ethereum wallets held almost 25 percent ETH current supply at that time.
ETH miners have been HODLing
Aside from the increasing large ETH addresses, the tweet further noted that Ethereum miners are currently HODLing. Rather than selling their rewards from mining, the miners preferred to keep most of the ETH rewards. This has resulted in an increase in their balance in the past weeks, by 15,000 ETH.
Until Ethereum 2.0, the second-largest cryptocurrency will continue to be issued through the process of mining. This is possible because the network runs on a Proof-of-Work model, which involves the solving of cryptographically complex puzzles. However, Ethereum 2.0 will transition the network to PoS, which will enable block creation via staking.