Ethereum whales have been making the most of the current bear market by accumulating ETH after the Ethereum merge.
Over the past month, Ethereum whales have reportedly pocketed $3.5 million worth of ETH.
Data from Santiment suggests that Ethereum's top ten non-exchange whales have added 6.7% more ETH to their wallets.
Ethereum whales are expecting ETH returns
The current statistics indicate that these whales are holding their newly bought ETH tokens in anticipation of profits in the long run.
Ethereum's non-exchange whales currently hold $23.7 million in ETH. At the same time, Santiment data further shared how ETH's top 10 exchange addresses have recorded a 0.2% increase in accumulation. Presently, these exchange whales are holding around 8.7 million ETH.
ETH price activity
Ethereum's price activity has been volatile as of late. The token has been hovering in between the $1300-$1600 price range despite the fact that the token's burn mechanism has improved significantly after the blockchain's transition from proof of work to proof of stake.
Despite Ethereum's current price action, large amounts of ETH being scooped up by Ethereum whales is generally a bullish indicator.
- Read more: FTX wants to make a stablecoin
Planet Crypto earlier reported on how whales have been aggressively accumulating large amounts of Bitcoin and Ethereum with the intention of "hodling" the purchased crypto tokens.
Thanks to Binance's zero-fee Bitcoin trading many traders and whales have taken advantage of the exchange's discount.
With Bitcoin and Ethereum's recent price rally many speculators anticipate the top 2 cryptocurrencies to spend some time above their old resistance levels before their next move.
Get the latest on the Fear and Green Index, Bitcoin, Luna ecosystem and Shiba Inu.