It became known how Ethereum cryptocurrency owners set a historical record

Large Ethereum holders have been in a state of excitement for a long time, which indicates their steadfast support for the main altcoin. Data from the Santiment network shows that ETH whales are currently holding a historic high of 56.25 million ETH, which is 46.8% of the total cryptocurrency in circulation.

The price dynamics of ETH $3,301.86 Bridged Ether (StarkGate) 1.14% Market capitalization $0.28 billion VOL. 24 hours $2.3 billion shows that over the past 30 days, the cryptocurrency has been trading between the upper limit of $ 2434 and the lower limit of $ 2127. However, the cryptocurrency is now showing signs of recovery from its recent growth and is building a strong momentum above $ 2200.

Amid price speculation, Ethereum whales are buying more ETH into their wallets to push the total amount of cryptocurrency to new highs. At the same time, these whales are withdrawing funds from exchanges, which leads to a drop in the amount of ETH on exchange addresses to the lowest level in the last five years.

In the last quarter of 2023, the crypto industry experienced a strong price surge that changed the optimism about most cryptocurrencies to bullish sentiment. The whales' activity may be due to the expected price increase in 2024, as well as the imminent approval of bitcoin and ethereum spot exchange-traded funds in the United States.

According to analysts, the accumulation of ETH by the biggest whales is a good sign for the long-term price, signaling that investors believe in the token’s growth. Their purchasing power also helps to establish price support by reducing the supply of ETH for sale.