RATE Group | Many Ether Whales Might Be Leaving for Bitcoin: Data
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Many Ether Whales Might Be Leaving for Bitcoin: Data

14 May Many Ether Whales Might Be Leaving for Bitcoin: Data

Posted at 02:28h in Bitcoin News by

While ether’s (ETH) price has risen by nearly 50% this year, the number of addresses holding large amounts of the currency, popularly known as whales, has declined significantly. 

The seven-day average of the number of unique addresses holding 10,000 ethers or more fell to 1,050 on Tuesday. That’s the lowest level since January 2019, according to data provided by the blockchain intelligence firm Glassnode. 

The whale addresses are down nearly 6% from the December high of 1,115. The metric represents externally owned accounts, or the ones controlled by private keys, and excludes contract accounts that have their own code and are controlled by the code.

The decline in the number of ether whale addresses is in contrast to the recent rise in the number of bitcoin whale addresses. The seven-day moving average of the number of addresses holding 10,000 bitcoins or more rose to 111 at the end of April, the highest since August 2019. 

“Some ETH whales could have moved into BTC in…

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