The total accumulation of the top 10 Ethereum addresses over the exchange reached 21.3 million Ether. This number represents the largest level seen since Ethereum was launched in 2015.
Ether (ETH), the largest altcoin by market cap, has lost more than half its value in the market-wide correction after hitting an all-time high of $4,362 on May 12, according to data from CoinMarketCap.
Ether, which has spent the last three weeks below $ 2,150, jumped 9 percent with the upward momentum of Bitcoin (BTC) in the past 24 hours and rose to $ 2,340. Large investors, on the other hand, seem to have spent this period increasing their savings.
On-chain analytics resource Santiment shared data on the accumulations of the largest Ethereum whales in a Twitter post on July 25. According to the data, the total accumulation of the top 10 over-the-counter Ethereum addresses reached 21.3 million Ether. This number represents the largest level seen since Ethereum was launched in 2015.
On the other hand, ETH savings of the top 10 Ethereum addresses on exchanges fell to 4.66 million, the lowest level seen since 2015. Large investors such as whales and institutional investors generally prefer to keep their savings in cold storage rather than exchanges. These types of investors often keep their savings in the stock market when they have plans to sell.
Therefore, the record increase in ETH holdings of non-exchange addresses reflects that investors are thinking long-term and are not planning to sell anytime soon.
The London update of Ethereum, which is scheduled for next month, increases the bullish expectation in the market. Launched on the Ropsten testnet on June 25 and featuring Ethereum Improvement Proposal (EIP) 1559, the update is expected to significantly reduce gas expense by changing the transaction fee mechanism, as well as lower energy consumption by enabling proof-of-stake consensus.
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