The top whales on the Ethereum blockchain have been amassing more and more ETH, despite the fact that the price of the second largest cryptocurrency by market capitalization has increased until its holdings are now at a five-year high.
According to blockchain analytics firm Santiment, the top Ethereum wallets that are not controlled by cryptocurrency exchanges now hold 21.3 million ETH, valued at over $ 48.6 billion at press time, after having been in the past few months have accumulated steadily.
Similarly, the company’s data shows that the leading cryptocurrency exchanges now only hold 4.66 million ETH, or about $ 10.7 billion. This is the lowest amount that exchanges have held since the cryptocurrency was introduced.
Ethereum is trading at just under $ 2,300 at press time. Some analysts believe that lower supply on the exchanges for the cryptocurrency could be bullish as the pressure to sell is not as high and if demand picks up the price could rise as there is not enough supply on these platforms.
Santiment added that the Ethereum bulls are showing their “most positive sentiment since mid-May” after the cryptocurrency surged above $ 2,400 earlier this week.
Reportedly, a panel of cryptocurrency experts surveyed by Finder has revealed that they believe Ethereum could outperform the flagship cryptocurrency by over 150% to $ 4,596 this year, and its performance could be that of an ether $ 17,810 by 2025 could be worth a panel of experts on cryptocurrencies.
The numbers come from the average forecast of 27 of 42 experts surveyed by Finder who made price predictions for the cryptocurrency. While the panel of experts expects the price of ETH to more than double this year, they believe it will be over $ 17,800 by December 2025 and that an ETH will climb to $ 71,700 by December 2030 will be shot.
Looking at the average price forecast, the forecast suggests an Ethereum trade at USD 20,000. That price prediction was made earlier this year by former Goldman Sachs manager Raoul Pal, who, based on Metcalfe’s law, saw ETH hit $ 20,000 in that cycle.
The views and opinions of the author or the persons mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets carries the risk of financial loss.
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