- Ethereum supply in wallets holding more than 1 million ETH was over 32% at the time of writing.
- ETH was still around $1,500, with a small increase in value.
Billionaire Ethereum [ETH] holders have been actively accumulating assets and their wallets have just reached a new all-time high. It is pertinent to note that ETH price movements have significantly affected this accumulation trend.
Read Ethereum’s [ETH] Price forecast 2023-24
Ethereum billionaires want more
A recent report from Santiment revealed that Ethereum whales, those with 1 million or more ETH in their wallets, have increased their ETH holdings. The data shows that the percentage of total ETH supply held by these wealthy addresses reached 32.3%, a level not seen since 2016.
According to the most recent data available, these whale addresses collectively represented approximately 32.28% of the total supply.
Source: Santiment
Furthermore, there was a notable increase in the number of transactions involving these large whale portfolios. According to Santiment’s findings, whale transaction volume reached the second highest level in the past five weeks.
This suggests a clear correlation between the increase in transaction activity and the accumulation of ETH by billionaire portfolio holders.
How Do Smaller Ethereum Wallets Compare?
A deeper analysis of Santiment’s distribution schedule revealed an interesting trend. While larger wallets were actively accumulating Ethereum, smaller wallets appeared to be reducing their holdings.
Looking specifically at the portfolio levels at 1,000 to 10,000 ETH and 10,000 to 100,000 ETH, there was a decrease in the supply distribution.
Source: Santiment
According to the most recent data, the wallet tier of 1,000 to 10,000 ETH holdings accounted for about 11.19% of the total supply, up from about 11.23%.
Similarly, the wallet tier with 10,000 to 100,000 ETH holdings represented approximately 20.9% of the total supply, up from well over 20%. In contrast, portfolios of millionaires and higher asset classes showed an increase in their supply distribution.
ETH price movements show a pattern
If you look at Ethereum’s daily timeframe chart, you will immediately notice significant price swings on October 16 and 17, resulting in both gains and losses of over 2% in the ETH price.
These price movements coincided with a noticeable increase in the volume of whale transactions, as observed on Santiment. At the time of writing this article, Ethereum was trading at around $1,560, showing a modest price increase of less than 1%.
Source: TradingView
Additionally, it’s worth noting that the most recent spike in whale trades, the highest in the past four months, aligned with a major price move that occurred around October 1 and 2.
How much are 1,10,100 XRPs worth today?
From the observed Ethereum price movements, whale transactions and accumulation trends, it became clear that as Ethereum prices fell and smaller addresses sold their assets, the accumulation of millionaires and billionaires increased.
This indicated a shift in wealth distribution, with larger players benefiting from price falls.