Data aggregator Santiment highlighted that since last year, the top 10 ETH wallets have increased their ETH balance, raising it by 23.7%.
Top 10 wallets control nearly 25% of total ETH supply
Additionally, the company reported that just 10 addresses control nearly a quarter (25%) of all ETH circulating on the market. The increase in the balance of ETH whales was 4.3% compared to March 2021.
Also according to the company, the value currently held by the 10 biggest ETH whales is quite close to its highest level in 5 years, indicating that ETH millionaires are taking advantage of the low to accumulate more ETH.
According to Glassnode, whales recently removed $1.4 billion worth of ETH from cryptocurrency exchanges, compared to $739.7 million in ETH inflows.
Therefore, the net flow of Ether to exchanges now totals -$628.1 million.
📊 Daily On-Chain Exchange Flow#BTC $BTC
➡️ $1.3B in
⬅️ $1.3B out
📉 Net flow: -$38.2M#ETH $ETH
➡️ $739.7M in
⬅️ $1.4B out
📉 Net flow: -$628.1M#Tether (ERC20) $USDT
➡️ $1.2B in
⬅️ $1.2B out
📈 Net flow: +$2.5Mhttps://t.co/dk2HbGwhVw
— glassnode alerts (@glassnodealerts) March 25, 2022
As experts point out, the increase in the amount of ETH among ETH whales anticipates the positive sentiment towards ETH 2.0
Recently, MIT (Massachusetts Institute of Technology) included ETH 2.0 as one of the 10 most innovative technologies of 2022.
According to the MIT ranking, ETH developments around ETH 2.0 have been surprising researchers and academics due to the low energy they plan to use compared to other cryptocurrencies like BTC.
Furthermore, MIT highlighted that if all goes well with the switch from PoW to PoS on ETH, it will allow its network to go “green” which could mean a major turning point for the crypto ecosystem.
Finally, the institution estimated that this alternative method of securing digital currency could end the energy consumption problems of cryptocurrencies. Or, in the worst case scenario, it can reduce the carbon footprint on the ETH network by up to 99.95%.
“If successful, ETH’s proof-of-stake blockchain could lay the groundwork for wider adoption of energy-saving technology,” MIT highlighted.