Recent analytics data show that non-exchange whales on Ethereum now hold over 5 times more ETH than crypto whales on exchanges.
According to data provided by on-chain analytics vendor Santiment, the ratio of non-exchange crypto whales owning Ethereum to ETH whales reached a new peak as the second largest cryptocurrency regained some of its recent losses above $3,000 recently.
Non-exchange whales have 5 times more ETH than exchange whales
The Santiment team shared that with Ethereum reclaiming the $4,386 level, the amount of Ethers held by non-exchange whales is now 22.91 million Ethereum.
This is more than five times what the exchange whales carry – 4.6 million ETH. Santiment called this an unprecedentedly high score for this scale and stated that a larger difference in favor of non-exchangeable whales is better.
As U.Today reported earlier, in July, the top 10 Ethereum whales collected large amounts of ETH. Back in mid-July, they held 20.58% of all ETH supply on their addresses after buying 2.12% of ETH supply on a dip.
🐳 # Ethereum Jumped to $3,486, Top 10 Non-Exchange Whale Titles Contained 22.91 Million ETH dollarCompared to only 4.6 million ETH dollar Held by Top 10 Mutual Whales. This ratio of 5:1 is unprecedentedly high for a scale where the higher the class, the better. 👍 https://t.co/E7IqPGvwr3 pic.twitter.com/sIQMzRfY38
– Santimentfeed October 4, 2021
Ethereum 2.0 TVL Price Increases By Nearly Eight Million ETH
Another popular on-chain data firm, Glassnode, tweeted that the amount of ETH locked into the Ethereum 2.0 deposit contract had risen to a new all-time high of 7,837,922 coins.
This is 1 million ETH more than a month ago – on August 16 – when the all-time high of 6,727,938 ETH was recorded by the Glassnode analytics team.
Over 1.3 million ETH burned in Q3 2021
According to etherburned.info, in the third quarter of this year, a staggering amount of Ethereum – 409,669 ETH – was burned, as reported by U.Today last Friday. That’s a whopping $1,358,695,270.
The ETH fee combustion mechanism was introduced as part of the EIP-1559 upgrade that went into effect on August 5.
By today, the total amount of Ethereum fees burned is 427,270.94 ETH. That equals $1,417,761,355.90. Over the past hour, 224.27 ETH (valued at $749830.71) has been destroyed.
The burning mechanism makes Ethereum a deflationary cryptocurrency; Therefore, many expect this to be an additional driver for the significant increase in the price of Ethereum in the near future.
Last week, the second most popular cryptocurrency managed to recover above the $3,000 level, and at the time of writing, ETH is exchanging hands, at $3,362, according to CoinMarketCap.