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Whales buy bulk ETH, which has just reached its all-time high!

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Whales buy Ethereum
ETH. Source: Shutterstock, lp-studio

ETH Like BTC, it is experiencing a very successful period, which has been spiced up with a new historical maximum yesterday. But what’s behind it?

Whales buy ETH

The latest data published by the portal Santiment on their twitter account, show that the wallets that they intend from 1 to 10 million ETH, do not stop buying. Whales will therefore focus on the second largest cryptocurrency. Whales gained more from the total ETH offer 13.9%.

An interesting fact is that the big players who are hosting ETH on non-exchange platforms owns 5 times more than whales. Specifically, it is about value 22.91 million ETH compared to only 4.6 million ETH, which are concentrated on exchange accounts.

New historical maximum

From the last moment, ETH was able to climb to ATH, almost half a year has passed. Since then, ETH has essentially ridden a similar wave as BTC. However, the situation is different and the biggest analysts estimate that we will soon get to $ 7,000.

Probably the biggest influence on the positive growth of ETH has combustion protocol EIP-1559 which acts as a mechanism for burning transaction fees. From that moment on, a huge amount of ETH was burned, which clearly helped the price to rise.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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