Categories: EthereumNews

Ethereum bull run incoming? Whales accumulate billions worth of Ethereum

In the cryptocurrency research firm, Diar’s latest research publication’s issue the firm outlines a startling discovery – Ethereum whales have accumulated more Ethereum in this bear market than any cryptocurrency market cycle combined. Ethereum whales currently own 80% of the total supply of Ethereum tokens.

500 Ethereum wallet currently hold 80% of the total supply of Ethereum. Combined they hold around $2.3 billion worth of Ethereum. The whales currently own 20 Million Ethereum tokens in November 2018, compared with 11 Million at the start of the year.

Image Source: Diar

The total holdings of the whales have fallen from $21 billion at the start of the year to $2.3 billion this year, yet the total accumulated tokens have almost doubled. This accumulation makes you wonder if there’s a bigger game at play.

Blockmanity’s take

Cryptocurrency markets pass through cycles, where the value rises sharply, falls down gradually and then rises sharply once again bigger than the previous one and the pattern repeats itself. The last biggest previous drop in the value of cryptocurrencies occurred back on Jan 17, 2015, where Bitcoin reached $197 after reaching a previous high of $1,035 on December 2013. Although, everyone criticized Bitcoin that it would die this time, within 3 years it ended up reaching an all-time high of $20,000.

Many investors believe that the next cycle will be even bigger than the previous one, and it can be seen by the movement and accumulation of popular cryptocurrencies. Food for thought: why else would the whales keep on accumulating more?


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Ishan Garg

Ishan is a cryptocurrency trader and a journalist. He joined the cryptocurrency space in 2017. He is the founder of Blockmanity. He is a HODLER and is holding BTC, ETH & UGT.

Share
Published by
Ishan Garg
Tags: ETHEthereum

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

2 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

3 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

4 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

4 months ago