On-chain data shows the Ethereum whales have participated in some notable buying, a sign that could be bullish for the ETH price.
Addresses or investors are divided into these cohorts based on the number of coins that they are carrying in their balance. The 1 to 10 coins cohort, for instance, contains all the holders owning between 1 and 10 ETH.
Thus, the only investors who would qualify for the group would be the big-money ones. Such holders can carry some degree of influence in the market, so their behavior, represented by the trend in their Supply Distribution, can be worth monitoring.
Here is the chart shared by Martinez that shows the trend in the Supply Distribution of the Ethereum whales over the last couple of weeks:
As is visible in the above graph, the Ethereum Supply Distribution for the 10,000 to 100,000 coins investors has recently seen an increase, implying these holders have participated in net accumulation.
In total, the whales have added 200,000 ETH (worth around $524 million) to their holdings with this buying spree. This is a significant amount and suggests some large holders think the cryptocurrency is worth buying at the current price. It only remains to be seen, however, whether this bet would pay off for these investors.
“ETH’s Cost Basis Distribution Heatmap shows ~$2.5K as one of the strongest accumulation zones in months,” notes Glassnode. “Over 3.45M $ETH has a cost basis in the $2,513–$2,536 range, reinforcing this level as a major support zone.”
At the time of writing, Ethereum is trading around $2,600, up 3% in the last 24 hours.
