According to data shared by analytics firm Santiment, the number of ETH whales has continued to grow since January this year. For some context, Ethereum whales are owners with more than 10,000 ETH in their wallets.
The data from Santiment reveals that whales were actively buying the dip as Bitcoin and other top cryptocurrencies plummeted on Sunday. The number of wallets holding between 10,000 and 10,000,000,000 coins surged for Ethereum and two other networks – Ren Protocol (REN) and Band Protocol (BAND). On the flip side, whale accounts for Celcius (CEL), Litecoin (LTC), and Storj (STORJ) dropped.
The data from Santiment was corroborated by Glassnode, another popular crypto analytics company. Glassnode’s data shows that the number of addresses with at least 10,000 ETH has surged to a new all-time high of 1.162.
Speaking of buying the dip, Ethereum prices fell sharply over the weekend. After reaching a new all-time high of $2,547 on April 16, the second-largest cryptocurrency began going down. As of press time, Ethereum was exchange hands at $2,153.
The downside movement was caused by Bitcoin’s nearly twenty percent crash on Sunday. As reported by BTC PEERS, there are rumors that the crash was a result of issues with Chinese miners and a fall in the Bitcoin hash rate.