On-chain data shows the largest of the Ethereum whales have continued to buy more recently as their supply sets another new all-time high.
Largest Ethereum Wallets Have Been Rapidly Accumulating
According to data from the on-chain analytics firm Santiment, the largest non-exchange Ethereum wallets have continued to show some rapid accumulation recently.
The relevant indicator here is the “supply held by top non-exchange addresses,” which keeps track of the total amount of Ethereum that the 150 largest self-custodial wallets are carrying in their combined balance right now.
Naturally, the 150 largest non-exchange wallets would belong to the top whale entities of the network. As such, the trend in the metric can provide hints about the sentiment around the cryptocurrency among these humongous holders.
When the indicator goes up, it means that these whales are expanding their holdings currently. Such a trend naturally suggests that they are bullish on the asset at the moment.
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