Ethereum whale wallet holdings have reached their highest level ever, accounting for about 57% of all Ether in existence, according to onchain analytics platform Santiment.
In a Dec. 16 post to X, the platform said that 104 whale wallets holding more than 100,000 Ether (ETH) each, collectively hold about $333 billion.
Wallets holding between 10 and 100,000 Ether are at a historic low of 33.5%, and wallets holding less than 100 Ether have a supply ratio of just 9.19%, hitting a near four-year low, all of which may be a long-term bullish indication, especially if the whales keep accumulating.
Source: Santiment
“With the caveat that the #2 market cap is increasingly comprised of DeFi and staking wallets, it is still generally a bullish long-term signal when a coin’s most prominent key stakeholders continue accumulating,” said Santiment.
“Especially when it’s a 9-year-old asset with whales holding their highest-ever portion of coins,” it added.
Analysts predict Ether to rise as wallet addresses hit 8-month high
It comes as the daily average of new Ethereum addresses crossed 130,200 in December, marking an eight-month high, according to Santiment.
Ether’s price also reclaimed the $4,000 mark on Dec. 7 for the first time since March and is currently trading at $4,007, according to CoinMarketCap.
It’s still 17% down from its all-time high of $4,891 on Nov. 16, 2021.
Related: ETH, LINK, AAVE and BGB move higher as Bitcoin inches toward new all-time high
Some analysts predict Ether may surpass its all-time high during the first quarter of 2025, thanks partly to last month’s crypto market deleveraging.
Social sentiment points toward Bitcoin and niche altcoins
In a separate Dec. 16 post, Santiment said Bitcoin’s (BTC) new $107,800 all-time high and Ether’s return above $4,000 are “causing more bullish narratives,” but its social sentiment tracker shows Bitcoin, Vanachains (VANA), and Moca Networks (MOCA) are hot topics at the moment.
Bitcoin is being discussed due to its breach of the record $100,000 high on Dec. 6 for the first time in crypto history and subsequent new highs.
🗣️ As Bitcoin’s new $107.8K all-time high and Ethereum’s return above $4K are causing more bullish narratives, these are the tokens seeing the highest level of social media traction:
🪙 @Bitcoin $BTC: Crypto’s top market cap hit a surprise ATH after the crowd began showing… pic.twitter.com/rr8pe42Rcy
— Santiment (@santimentfeed) December 16, 2024
“Discussions once again are focused on Bitcoin’s dominance in the cryptocurrency market and its impact on altcoins,” Santiment noted.
VANA is being discussed regarding its listing on major exchanges, its launch on Binance’s Launchpool and in the context of escrow transactions and token sales.
Meanwhile, MOCA’s price surged 95% in the last seven days, following its listings on major South Korean exchanges, which has kept it a hot topic among traders, according to Santiment.
Santiment’s social tracker trawls through crypto-specific social media channels such as X and Telegram for the top 10 words that have seen the most significant increase in mentions compared to the previous two weeks.
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