Ethereum: addresses continue to accumulate ETH

Ethereum shark and whale addresses, i.e., those holding between 100 and 100,000 ETH, have collectively accumulated +1.1% more in the past 3 weeks. This means that this group will have an influence on the future price of Ethereum (ETH).

Ethereum: shark and whale addresses add +1.1% ETH to their portfolios

During the bearish market of the past 3 weeks, which involved all major cryptocurrencies, including Ethereum which saw a 39% drop in price, it appears that ETH addresses holding between 100 and 100,000 ETH each, also referred to as shark and whale addresses, decided to accumulate more ETH. 

And indeed, according to Santiment, Ethereum’s shark and whale have accumulated +1.1% ETH in their portfolios, becoming a group with a big influence on the future price of ETH. 

?? #Ethereum shark and whale addresses (holding between 100 to 100k $ETH) have collectively added 1.1% more of the coin’s supply to their bags on this -39% dip. Historical evidence points to this tier group having alpha on future price movement. https://t.co/3PPz6Yrnxs pic.twitter.com/wReRrvHjyy

— Santiment (@santimentfeed) June 30, 2022

“Ethereum shark and whale addresses (holding between 100 to 100k $ETH) have collectively added 1.1% more of the coin’s supply to their bags on this -39% dip. Historical evidence points to this tier group having alpha on future price movement”.

The accumulation strategy also called Buy The Dip (BTD) seems to be still alive among huge ETH holders despite the long “crypto winter”. 

Perhaps underlying it is a lot of confidence for the already heralded conversion of Ethereum’s blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS), although no official date has been set yet. 

Ethereum: the price of ETH

Certainly, the more shark and whale addresses accumulate Ethereum, the greater influence they will have on its price in the future. 

At the time of writing, ETH is worth $1,053 with a price dump in the last 7 days of -4% and -6% in the last 24 hours. 

Counting the last 3 weeks in which shark and whale addresses have accumulated other coins, ETH’s price has gone from $1,757 on 7 June 2022 to a low of $897 on 18 June 2022, hovering around $1,100 to date. 

Ethereum has a total market cap of nearly $128 billion and a crypto market dominance of 14.76%.

The conversion to PoS: perhaps it will no longer be August as expected

Recently, it was reported that the final Merge of Ethereum’s blockchain with the new Beacon Chain, may no longer take place in August, despite the fact that Ethereum’s own co-founder, Vitalik Buterin, reportedly announced this date.

Specifically, Beacon Chain is the new Ethereum PoS blockchain that will become official after the final Merge, which seems to have slipped to September. 

Buterin had announced August as the deadline in case there were no hiccups, which may, instead, have materialized. 

Becoming a blockchain based on a PoS consensus algorithm would mean that Ethereum would no longer use mining to confirm transactions, and, because of that, become as many claim more green and sustainable.