In addition to the news about a potential Ether ETF, a considerable development has emerged in the last few months. According to recent data from Santiment, the top 200 largest Ethereum wallets now hold a combined impressive 63 million ETH, whose current value is around $142 billion. This concentration of Ether in the hands of a few large investors is notable, especially because these wallets have increased their holdings by over 31 percent since November 21, 2022. Might the whales know something we don’t?
At the same time, Ethereum user activity is increasing. Another notable sign of growing interest is the creation of 94,700 new ETH wallets on November 21st alone, marking the largest increase since July. This growing number of new wallets could indicate increasing user adoption of Ethereum. On the one hand, the data shows that interest seems to be returning on the Ethereum mainchain despite the high fees. And on the other hand, mainly large players are again starting to use the Ethereum network more.
You can read about the current situation with ETH and which indicators are important now in the new BTC-ECHO Ethereum Report.
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