Ethereum

2024

Defi

Whale activity on Ethereum has increased significantly since the end of November. According to on-chain data, ETH addresses with balances above $10,000 have surged significantly since the end of November. Mega-whale addresses have also increased significantly since the beginning of December. 
Whales have continued to invest in Ethereum as the asset’s prices break the $3,330 mark. ETH exchange-traded funds have also showcased rising interest from institutional investors. 
<h3 id="span-style-font-weight-400-whales-stack-up-on-eth-as-market-value-rises-above-3-330-span">Whales stack up on ETH as market value rises above $3,330</h3> 
Crypto analyst Ali Martinez cited <a href="https://x.com/ali_charts/status/1868380758332887134" rel="nofollow" target="_blank">data</a> from Glassnode, which shows that Ethereum’s on-chain whale activity has surged significantly. The number of active addresses with balances worth more than $10,000 had significantly increased since the beginning of December.&nbsp; 
The data also showed that the 30-day change in mega whale address counts had increased significantly since the beginning of the month, peaking around December 9th. The number of active addresses has also increased since mid-November. 
Last week, Lookonchain <a href="https://x.com/lookonchain/status/1866162928371847622" rel="nofollow" target="_blank">reported</a> that a whale purchased 1,800 ETH for $7 million when the asset retailed at around $3,900. According to the blockchain analytics firm, the whale has accumulated 39,600 ETH since May 24th this year at an average purchase price of $2,487.&nbsp; 
At the time of this publication, Lookonchain noted that the whale had $54 million in unrealized profits. On November 13th, Lookonchain also <a href="https://x.com/lookonchain/status/1856776343440224684" rel="nofollow" target="_blank">reported</a> that a fresh whale bought 7,389.5 ETH valued at $23.44 million. The whale had accumulated 18,049 ETH worth $59.3 million in three days. 
<h3 id="span-style-font-weight-400-crypto-trader-implies-ethereum-supply-shock-is-imminent-span">Crypto trader implies Ethereum supply shock is imminent</h3> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 ETH supply shock is coming 
 1) Billions in ETH staked 2) ETFs buying billions in ETH 3) More transactions = ETH burning 4) ETH historic bull cycle 5) Defi now okay in US after trump 6) L2s consuming and lock more ETH 
 It think $10,000 sooner than we think 
 — Ash Crypto (@Ashcryptoreal) <a href="https://twitter.com/Ashcryptoreal/status/1868548195481178120?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">December 16, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
An X post from a crypto trader, Ash Crypto, detailed that an Ethereum supply shock is imminent. The trader highlighted that ETH could hit $10k soon, with billions in ETH staked and a rising demand for the asset among spot Ethereum exchange-traded funds. Ash Crypto also referenced improved litigations for decentralized finance under Trump’s presidency, which could contribute to the growth of Ethereum.&nbsp; 
<a href="https://dune.com/hildobby/eth2-staking" rel="nofollow noopener" target="_blank">Data</a> from Dune Analytics, shows that the total number of ETH staked exceeds 34 million, representing more than 28% of the total ETH supply. Lido’s liquid staking protocol has the largest staked amount, representing 28.48% of all staked ETH. Coinbase and Binance follow with 10% and 5% respectively. 
U.S. spot Ethereum ETFs have also showcased the rising demand for the asset. According to <a href="https://sosovalue.com/assets/etf/us-eth-spot" rel="nofollow noopener" target="_blank">data</a> from ETF tracking website SoSoValue, U.S. spot Ethereum ETFs have recorded positive flows since November 22nd, with the highest inflows recorded on November 5th, worth $428.44 million.&nbsp; 
The ETFs recorded inflows worth $23.61 million on Friday, December 13th, and $273.87 million the previous day. At the time of this publication, ETH ETFs have $13.78 billion in assets under management, accounting for 2.92% of Ethereum’s total supply.&nbsp; 
According to data from the crypto price tracking website CoinMarketCap, Ethereum is currently trading at $3,959 with a total market capitalization of $476.8 billion and a 24-hour trading volume of $30.3 billion. The asset has risen by 2% in the last seven days and has largely remained unchanged in the last 24 hours. 
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Whales continue to accumulate Ethereum since prices broke $3,330

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