- Ethereum whales held about 38% of the total supply at the time of writing.
- The supply of ETH has continued to decline.
All year round, Ethereum [ETH] whales have consistently made strategic moves, with recent reports indicating a notable increase in their holdings.
Ethereum whales are gathering more supply
According to InTheBlokthe percentage of Ethereum supply owned by large investors, also known as whales, has increased over the year. The data showed growth from 32% in January to around 35%.
Further research into whaling on Santiment also showed an increase.
Source: Santiment
The first observations of the graph showed a clear upward trend in recent months. In August the whale ownership rate was around 34%, but at the time of writing it was over 38%.
So an important question arises: how has this increase in ownership affected the overall supply of Ethereum on exchanges?
Ethereum: Supply on exchanges continues to decline
The Ethereum supply on exchanges has shown minimal fluctuations in the recent period. However, there has been a significant decline over the past six months.
Chart analysis showed a drop of almost 1 million units between August and present. At the time of writing, the exchange offer was approximately 10.51 million.
Source: Santiment
If you connect the trends in exchange supply and ownership of Ethereum whales, you could conclude that the accumulation by large investors has influenced the total supply.
The decrease in supply on the stock exchanges implied a decrease in liquidity, which could have a positive impact on price developments.
ETH’s uptrend is coming to a halt
AMBCrypto’s research into Ethereum’s daily price trend showed consistent accumulation of whales across different price ranges. Prior to this recent report, the chart indicated a continued increase in the value of ETH over the past six days.
Read Ethereums [ETH] Price prediction 2023-24
The upward trends resulted in an increase in value of approximately 11%. However, at the time of writing this, there was a slight decline of almost 2%. Despite the decline, it has managed to maintain a stable price of around $2,200.
Source: TradingView
It is notable that if the percentage of supply of these whales begins to decline, it could signal a capitulation. This is a crucial consideration as a substantial release of volume on the exchanges could negatively impact price developments.