Whales accumulate over 1.6 million ETH in 6 days as crypto remains resilient

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Recent minor Ethereum gains have resulted in increased activity on the cryptocurrency network, with whales accumulating more assets.

According to data provided by cryptocurrency analysis firm Santiment, addresses holding between 10,000 and 1 million Ethereum have 60.5 million coins in total. In the past six days, the wallets have added 1.65 million Ethereum.

This is an indicator that the big addresses have embarked on a wave of accumulation, Santiment noting that the activity started at the start of the week.

Ethereum whales that hold between 10,000 and 1m ETH in their respective wallets now have a cumulative total of 60.52 million coins. This is the highest amount held by this level in 5 weeks and represents an accumulation of 1.65m ETH over the past 6 days, Santiment said.

Ethereum addresses the activity. Health

One of the recent notable moves in Ethereum wallets was on July 12, 2021. A wallet moved 40,000 coins from the Gemini crypto exchange to a digital wallet. Elsewhere, blockchain tracking company Whale Alert reported that 145,363 Ethereum were also transferred to an unknown digital wallet.

Network activity correlates with ETH price movement

The activity of the Ethereum network correlates with the movement of cryptocurrency prices over the past seven days. At press time, the digital asset was trading at $ 2,065, gaining 8.39% in one week. The number two ranked cryptocurrency was the best performing among the top ten digital assets based on market capitalization.

Activity on the network has also extended to Ethereum investment products. According to asset management firm CoinShares, Ethereum-related investment products have seen inflows worth $ 11.7 million in the past week. In contrast, Bitcoin investment products saw outflows of $ 10.4 million.

Elsewhere, activity on the Ethereum network stands in stark contrast to the overall crypto market. As of July 20, 2021, the entire cryptocurrency market has lost over $ 100 billion in two days. The market cap was $ 1.19 trillion, with Bitcoin dominating at 46.7%. Additionally, at press time, the industry had won, with a market cap of $ 1.33 trillion.

Interestingly, the recent surge of Ethereum has led experts to predict that the asset could outperform Bitcoin as an investment vehicle. Recently, the cryptocurrency received massive support after US banking giant Goldman Sachs said the growing popularity of Ethereum makes it the main competitor to overtake Bitcoin as the most valuable digital currency.

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