Ethereum Whales Buying The Dip, Scooping Up Nearly $500M ETH Over The Last Week

Whale addresses appear to have bought the dip, as Ethereum ETH/USD fell below the $2,200 mark this week.

What Happened: According to data from on-chain analytics platform Santiment, addresses holding 10,000 ETH or more added 200,000 ETH worth around $497.2 million to their holdings over the past week.

Santiment also pointed out that addresses with 10,000 ETH or more had risen at the fastest rate since November 2020 when Ethereum’s price hit an all-time high of $4,891.

Related Link: Cathie Wood's Ark Sees Ethereum Rising Above A Whopping $20T Market Cap In Next 10 Years

Whales aren’t the only ETH holders that have been capitalizing on the asset’s recent correction. According to data from IntoTheBlock, small ETH holders (holding between 1 and 10 ETH) have grown to over 1 million.

At current prices, this means small ETH holders collectively hold $7.9 billion worth of ETH.

Price Action: As of Friday morning, ETH was trading at $2,390.72, down 3.20% in the last 24 hours. The coin is down 51% from its all-time high but is still up 90% over a one-year period.

Photo: Courtesy of CryptoWallet.com Images on Flickr