Top 10 Ethereum Non-Exchange Whales Versus Exchange Whales Ratio Hits 5:1 Peak, Here’s What It Means
According to the data provided by the on-chain analytics vendor Santiment, the ratio of crypto non-exchange whales holding Ethereum against ETH exchange whales has reached a new peak as the second largest cryptocurrency has recovered some of its recent losses above the $3,000 recently.
Non-exchange whales hold 5x ETH than whales on exchanges
The Santiment team has shared that as Ethereum has recaptured the $4,386 level, the amount of Ethers held by non-exchange whales now totals 22.91 million Ethereum.
This is over five times more than what exchange whales hold – 4.6 million Ethereum. Santiment has called this an unprecedentedly high ratio for this metric and stated that the bigger difference in favor of non-exchange whales is, the better.
As reported by U.Today earlier, in July the top ten Ethereum whales accumulated large quantities of ETH. Back in mid-July, they had 20.58 percent of the overall ETH supply on their addresses after purchasing 2.12 percent of ETH supply on the dip.
🐳 #Ethereum jumped to $3,486, & the top 10 non-exchange whale addresses hold 22.91M $ETH, compared to just 4.6M $ETH held by the top 10 exchange whales. This 5:1 ratio is unprecedentedly high for a metric where the higher the separation is, the better. 👍 https://t.co/E7IqPGvwr3 pic.twitter.com/sIQMzRfY38— Santiment (@santimentfeed) October 4, 2021
Ethereum 2.0 TVL surges close to 8 million ETH
Another popular on-chain data company, Glassnode, has tweeted that the amount of ETH locked in the Ethereum 2.0 deposit contract has spiked to a new all-time high of 7,837,922 coins.
This is one million ETH bigger than slightly over a month ago – on August 16, when the all-time high of 6,727,938 ETH was registered by the Glassnode analytics team.
Over 1.3 million ETH burnt in Q3 2021
According to the etherburned.info website, in the third quarter this year a staggering amount of Ethereum has been incinerated - 409,669 ETH, as reported by U.Today on Friday last week. That is a whopping $1,358,695,270.
The ETH fees burning mechanism was rolled out as part of the EIP-1559 upgrade that went live on Aug. 5. The upgrade is also often referred to as the London Ethereum hard fork.
By today, the overall amount of burned Ethereum fees 427,270.94 ETH. That is the equivalent of $1,417,761,355.90. Over the past hour, 224.27 ETH (worth $749,830.71) has been destroyed.
The burning mechanism is making Ethereum a deflationary cryptocurrency, therefore many expect this to be one more driver for the Ethereum price substantial increase in the near future.
Last week, the second most popular crypto managed to recover above the $3,000 level and at the time of writing, ETH is exchanging hands, sitting at $3,362, as per the CoinMarketCap website.Source