That Ethereum metric has just hit a 5-year high

The price of Ethereum has risen 41% in the past five days. The value of the digital asset rose from $ 1,754 to $ 2,488 as the market rebounded and Bitcoin saw a similar surge as well. The recent surge in ETH value has also prompted the whales to amass a large chunk of what Ethereum has to offer.

According to data provider Santiment, Ethereum’s top 10 unlisted whales are increasingly adding more ETH to their holdings. Just last week the 10 non-barter whales held 21.3 million ethers and reported a new high.

🐳 #Ethereum’s top 10 non-exchange whales topped up their holdings as their $ 21.3M ETH hit a new 5-year high this week. Meanwhile, the top 10 stock market whales recently hit a low of $ 4.66 million ETH, the lowest since ETH was inaugurated in 2015.

– Santiment (@santimentfeed) July 25, 2021

However, as Santiment noted, that buildup has caused ETH, which is listed on the exchanges, to hit a five-year low of 4.66 million.

This declining supply on the stock exchanges was not limited to the whales. The declining supply of digital assets on the exchange is seen as a good sign, and with Ethereum whales holding a large chunk in OTC wallets, this decline could indicate support for the ETH ecosystem.

This off-exchange accumulation could signal a possible spike in the asset’s price as London appreciation approaches. The London upgrade includes the deployment of the controversial EIP 1559 and is scheduled to take place on August 4th. EIP 1559 combined with the transition to proof-of-stake [PoS] is considered “triple halving”.

This was an important milestone in the Ethereum roadmap and was eagerly awaited by the community. The anticipation was one of the reasons for the long-term owners’ optimism. Additionally, the network marked another milestone as the total number of validation nodes on the Ethereum 2.0 blockchain exceeded 200.00 and the pledged deposits reached 6.4 million ETH, which equates to $ 13.5 billion.

On the back of those upsticks, Ethereum was trading at $ 2,186 and perhaps looking to move higher.

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