ETH Whales Now Own Over 43% of the Cryptocurrency, Surpassing Retail Investors
CryptoNewsTerminal Staff09 Sep, 2024
ETH Whales Now Own Over 43% of the Cryptocurrency, Surpassing Retail Investors
## Whale Dominance Surges in Ethereum Market According to IntoTheBlock, an on-chain analytics provider, Ethereum whales have been accumulating ETH at an accelerated pace since 2019, especially in anticipation of the Shanghai upgrade. Currently, these whales hold a significant 43% of the circulating ETH supply, nearing the 48% held by retail investors. Growing Whale Influence The steady increase in whale holdings indicates their belief in Ethereum's long-term potential and their influence on the market. This concentration of ETH among a limited number of whales could potentially impact price volatility and market sentiment. Shanghai Upgrade Anticipation The Shanghai upgrade, scheduled for March 2023, is expected to allow staked ETH withdrawals. This has spurred whale accumulation as they anticipate increased liquidity and potential profits. Market Implications The growing whale dominance raises questions about the distribution of wealth and power in the Ethereum ecosystem. It remains to be seen how this will affect the broader market dynamics and the future of Ethereum.
