Whale addresses appear to have bought the dip, as Ethereum ETH/USD fell below the $2,200 mark this week.
What Happened: According to data from on-chain analytics platform Santiment, addresses holding 10,000 ETH or more added 200,000 ETH worth around $497.2 million to their holdings over the past week.
#Ethereum is hovering just below $2,500 once again after bottoming out at ~$2,170 just 3 days ago. #Dipbuyers can be happy knowing that whale addresses holding 10k or more $ETH have added 200k $ETH from weak hands since January 20, worth ~$497.2M. https://t.co/OhsWeqMFLi pic.twitter.com/FdIY5Hp00K— Santiment (@santimentfeed) January 26, 2022
Santiment also pointed out that addresses with 10,000 ETH or more had risen at the fastest rate since November 2020 when Ethereum’s price hit an all-time high of $4,891.
Whales aren’t the only ETH holders that have been capitalizing on the asset’s recent correction. According to data from IntoTheBlock, small ETH holders (holding between 1 and 10 ETH) have grown to over 1 million.
$ETH increasing adoption.— IntoTheBlock (@intotheblock) January 27, 2022
The number of addresses with 1 to 10 ETH recently surpassed the milestone of 1 million addresses and has continued to climb since.
These addresses collectively hold 3.31m ETH and they increased their balance by 4.75% over the past 30 days. pic.twitter.com/yyihPb0eqr
At current prices, this means small ETH holders collectively hold $7.9 billion worth of ETH.
Price Action: As of Friday morning, ETH was trading at $2,390.72, down 3.20% in the last 24 hours. The coin is down 51% from its all-time high but is still up 90% over a one-year period.
Photo: Courtesy of CryptoWallet.com Images on Flickr
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