Recent On-Chain Data Indicates an Increase in ETH Whales

• IntoTheBlock noted that the amount of ETH whales has been on the rise recently.
• This ETH accumulation trend among whales could be an indication of trust and confidence in the project as a whole.
• At press time, ETH was worth about $1,814.41 after it experienced a 1.61% price increase in the past 24 hours.

The market intelligence platform, IntoTheBlock, took to Twitter earlier this morning to announce that the amount of Ethereum (ETH) whales is on the rise. According to the post, the collective holdings of ETH whales have surged to 30.07 million ETH, marking a significant increase from 26.56 million ETH recorded earlier this year.

This rise indicates a growing trend of accumulation among addresses holding over 0.1% of the total Ethereum supply. In addition to this, the presence of these large holders suggests potential market confidence and long-term investment strategies within the Ethereum ecosystem.

The fact that whales continue to gather more ETH underscores their belief in the value and future prospects of the cryptocurrency. At press time, CoinMarketCap indicated that ETH was one of the crypt…

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