Ethereum’s large investors holding at least 100 ETH and up to 1 million ETH increased their overall bags by 2.1% in November.
Amid price fluctuations, sharks and whales scooped 561,000 ETH in two days between 5th and 6th December 2022.
These large investors now hold approximately two-thirds of Ethereum supply.
Large Ethereum investors have been busy these past few days, snapping up more Ether (ETH) amid the latest price downturn for cryptocurrencies.
According to recent data on ETH supply distribution, large addresses holding at least 100 ETH (sharks) and those holding up to 1 million ETH (whales), have aggressively added to their overall holdings. The cumulative holdings for sharks and whales increased by more than 2.1% in the 30 days to 6 December 2022.
Analytics firm Santiment indeed highlighted that the overall Ethereum supply held by the addresses with 100 to 1 million ETH jumped by 561,000 in just two days – between 5th and 6th December.
The cohort has now returned its cumulative bag holdings to pre-merge levels, according to Santiment. Overall, large ETH addresses now hold over two-thirds of the coin’s total supply of 122,373,876 ETH.
Negative funding rates eases
A report by crypto exchange Bitfinex showed that the aggressive accumulation by the large investors came despite ETH prices continuing to fluctuate below $1,300. The increased shark and whale activity has also eased negative funding rates, as noted in the Bitfinex Alpha Report.
While funding rates on Ethereum perpetual contracts remain negative, the report highlights that these have improved significantly month-to-date.
Selling pressure on ETH is also very low compared to other crypto large caps, and there’s no significant liquidation levels at current price levels.
On-chain data suggests that Ethereum would have to plummet to $800 to trigger about $50 million in liquidations. Short sellers would have to push prices to around $650 to force $400 million in liquidations.