Ethereum Whales Accumulate Despite 4% Price Drop

Ethereum's price may have dropped by 4%, but on-chain data shows that whales are accumulating more of the cryptocurrency.

A recent analysis found that despite the price drop, Ethereum whales are increasing their holdings. This has led to speculation about the future direction of the market.

The analysis looked at Ethereum's supply distribution and found that whales (those holding 1% or more of the total Ethereum supply) have been accumulating more ETH. In fact, 95% of Ethereum's supply is now held by just 100 addresses.

This could be a sign that large investors are confident in Ethereum's long-term prospects, despite short-term price fluctuations.