• Ethereum (ETH) has seen a shift in supply concentration, with the top 10 addresses now controlling over 35% of the total supply.
• Smaller traders have sold amid FUD while larger players accumulate ETH, resulting in an uptick in whale transactions over the past three months.
• Despite a recent market dip, Ethereum has managed to maintain its position above $1,650.
Ethereum (ETH) Supply Concentration
Ethereum (ETH), the world’s second-largest cryptocurrency, has witnessed significant developments within its network. Notably, as the market witnessed a crash , a fascinating trend emerged. The top 10 addresses now control more than 35% of the total ETH supply, while smaller traders sell amid FUD and larger players accumulate.
Whale Transactions Increase
Analysis of the Ethereum network reveals an uptick in whale transactions over the past three months. Starting from June, more than 1788 wallets holding between 10 and 10,000 ETH have joined the ranks of larger holders. Moreover, transactions involving sums exceeding $100,000 have also witnessed a significant surge.
Price Consolidates Above $1,650
Despite a major correction witnessed in the preceding week, Ethereum has managed to maintain its position above the $1,650 level. With increasing activity on-chain and new developments popping up regularly within its network structure; will these be reflected on ETH trading price?
Is Centralization Occurring?
The heightened concentration of supply does not indicate centralization is occurring within Ethereum’s network structure; instead it highlights how smaller traders responded to market uncertainty and fear during this period of market dip.
Will Ethereum’s increasingly active network reflect positively on its trading price and gain momentum? Share your thoughts by tweeting us at @The_NewsCrypto share