Santiment’s analyst team has reported there has been another surge in activity in whale-owned addresses, which are those holding between 1 million and 10 million ETH. According to them, these addresses have accumulated approximately 21.6% of the crypto’s total supply.
Over the past six months, while negative sentiment dominated the market, large investors have been steadily buying Ethereum at a good price. Their stockpiles over the past six months rose another 2.2% coinciding with the drop in the asset’s price.
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Compared to the November peak, the value of the altcoin has seen a spectacular 48% drop. However, the whales have remained active and have continued to buy the asset.
According to Glassnode, the number of Ethereum addresses with a non-zero balance has reached a new record high this week at 76,246,352.