Ethereum network’s large wallet investors have been accumulating ETH tokens consistently for six months. ETH price recovery is likely to be catalyzed by declining exchange supply and rising whale accumulation. ETH yielded 3.15% weekly gains, amidst marketwide recovery of cryptocurrency prices. Supply of the altcoin held by large addresses, as a percentage of the total supply has climbed consistently between May and November 2023.
Based on data from crypto intelligence tracker, Santiment, there is a spike in ETH price and the token’s supply held by large wallet investors in the network, seen in the chart below. Ethereum supply on exchanges declined consistently, reducing the selling pressure on the asset. A reduction in exchanges’ reserves of ETH is conducive to Ether’s long term gains.
Source: Digital Coin News (digitalcoinnews.net)
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