Ethereum rose above $1,400 today due to on-chain data showing that Ethereum sharks have been busy building up recently.
Ethereum Shark Addresses Have Increased By 3,000 Over the Last Two Months
According to data from Santiment, the current market number of shark addresses is the highest since February 2021. The relevant indicator here is the “ETH Supply Distribution,” which tells us which coin groups have how many wallets.
These ranges are used to identify the current number of coins that addresses hold in a given group. The 1-10 coins cohort, for example, includes wallets that hold at least one and maximum 10 ETH. This group’s Supply Distribution metric would then track the total addresses within this range.
The coin group of interest in the current topic is the 100-10000 coins cohort. This is made up two separate groups, 100-1,000, and 1,000-10000 coins. They were merged just recently. Here’s a chart that shows the Supply Distribution Data for this Ethereum coin group.
It appears that the value of this metric has seen some uptrend in recent week | Source: Santiment on Twitter
This coin group’s lower and upper bounds convert to around $140,000 and $14 million. The Ethereum investors who hold amounts in this range are called the sharks, and although they aren’t as crucial as the whales, movements from these holders can still have significant implications on the market.
The graph above shows that the Ethereum sharks made profits last September and October as their total addresses dropped to a low. However, in the last few months, there has been rapid accumulation of Ethereum shark addresses as 3,000 more have been created on this network.
ETH has been rallying in recent days as these sharks have been accumulating, and for now, these investors aren’t showing any signs of stopping either. This cohort now has 48,556, almost two years since February 2021.
The rally could lose steam if these sharks don’t move here and take some profit while prices are high. This would be a bullish sign that Ethereum is on the right track if investors continue to accumulate.
ETH Price
Ethereum trades at $1.400 at the time this article was written, an increase of 12% since the week before.
Source:| Source: TradingView: ETHUSDT
Featured image from Gerald Schömbs on Unsplash.com, charts from TradingView.com, Santiment.net