Whales Are Accumulating Ethereum, Avalanche, and Maker

Key takeaways: 

• Whales have been accumulating Ethereum, Avalanche, and Maker since the start of the year
• Supply of ETH help by top non-exchange addresses increased from 24.8% to 30.3% between January and June, while the supply held by exchanges decreased in the same period
• Whales have also had their sights set on Avalanche and Maker, with both coins experiencing significant increases in whale holdings

The cryptocurrency markets have seen robust positive price activity in the past couple of months. The total crypto market cap increased $830 billion since the start of the year to $1.19 trillion at the time of writing. 

According to the blockchain analytics platform Santiment, crypto whales have been accumulating numerous different crypto coins and tokens, with some of the most notable being Ethereum, Maker, and Avalanche.

Ethereum, Avalanche, and Maker whales are increasing their portfolios

Supply of Ethereum held by top addresses increased from 24.8% in January 2023 to 30.3% in mid-June. The increase can largely be attributable to non-exchange addresses. Santiment data shows that the supply of ETH held by top non-exchange addresses increased from 25.7 million ETH to more than 33.1 million ETH. At the same time, the ETH holdings controlled by exchanges decreased from 7.7 million ETH to less than 6.9 million ETH.

Percentage of Ethereum supply held by top addresses. Image source: Santiment

Similar to Ethereum, Avalanche whales have also been buying AVAX, per available data. As of June 2023, Avalanche whales held 53.1% of the circulating supply, up from 45.8% in January. The data accounts for addresses holding at least $5 million worth of AVAX.

Percentage of Avalanche supply held by top addresses. Image source: Santiment

Maker is another popular investment among large crypto investors. Whales have increased their stake in Maker’s circulating supply from 46.7% to 49.9% between January and June 2023. It is worth noting that the supply held by top addresses reached as high as 53.3% in March, but has since retraced below 50%. It is worth noting that activity on the Maker network saw a substantial increase between May and June, growing from 10,310 active addresses to over 18,190.

Percentage of Maker supply held by top addresses. Image source: Santiment

Crypto whales have been active during this year’s market recovery

Crypto whales have been increasing their holdings in various DeFi coins for the past couple of months. Coincidentally, the market saw a strong rally in the same period, with the likes of Bitcoin and Ethereum gaining more than +50% since the start of the year.

If you want to keep an eye on the moves made by top crypto whales, we suggest you use crypto whale tracking services so you can gain insights into what the leading investors are doing in real-time.