Ethereum Holdings of the Top 10 ETH Whales Drops to a 3 Month Low

Ethereum Holdings of the Top 10 ETH Whales Drops to a 3 Month Low 2

In brief:

  • The ETH holdings of the top 10 Ethereum whales has dropped to a 3 month low
  • The drop could signify selling but could also be a case of adoption through numerous DApps
  • At the same time, the number of addresses holding 100+ Ethereum has reached an all-time high
  • Additionally, those holding 32+ ETH and 0.1+ ETH have also hit an all-time high

ETH holdings of the top ten Ethereum whales have dropped to a three month low. This is according to on-chain data courtesy of the team at Santiment. At first glance, the drop seems like Ethereum whales are selling their bags but it could also mean that they are opting to use their ETH thus pleading the case for widespread adoption. This information was shared by Santiment via the following tweet and corresponding chart showing how the ETH bags of the top 10 Ethereum whales have been dropping.

Ethereum Investors Continue Accumulating ETH

At the same time, and according to Glassnode, the number of Ethereum addresses holding 100 or more ETH reached a new all-time high of 53,019. Additionally, the number of Ethereum addresses holding at least 32 ETH has also hit an all-time high value of 126,852. On the lower end, the number of addresses holding at least 0.1 ETH has also reached an all-time high value of 3,619,568 as highlighted in the following tweet.

Accumulation of ETH Hints of Investor Confidence and Adoption of Ethereum

Further dissecting the Ethereum statistics from the team at Glassnode, it can be concluded that Ethereum investors are accumulating ETH due to several reasons.

Firstly, those holding over 100 ETH are probably playing the long game with Ethereum once staking goes live on ETH2.0. One possibility is that they intend to commit the minimum 32 ETH or all their Ethereum to staking. The same applies to those holding 32 ETH or more.

Secondly, in the case of addresses holding at least 0.1 ETH, this amount of funds could be an indication of both adoption (in DeFi)  and accumulation in anticipation of Ethereum gaining in the crypto markets.

In conclusion, the fact that several Ethereum investors are staying put with their holdings is a confirmation that they anticipated brighter days ahead for the value of ETH and the growth of ETH2.0.

Ethereum Classic (ETC) is Looking for Stablecoin Projects to Support

In brief:

  • The Ethereum Classic (ETC) network is yet to host a stablecoin project.
  • The team at ETC Labs is looking for stablecoin projects to support or establish a partnership with.

Majority of the stablecoins in the crypto-verse run on the Ethereum (ETH) network. They include Tether (USDT), True USD (TUSD), Paxos Standard (PAX), Gemini Dollar (GUSD) and USD Coin (USDC). The Tron network is also home to the TRC-20 version of Tether (USDT). Tron recently launched USDJ that is generated on the Just (JST) platform that brings DeFi to the TRX ecosystem. Additionally, we have Binance USD (BUSD) that runs on the Binance Chain blockchain network.

Ethereum Classic (ETC) Labs is Looing for Stablecoin Projects

It is with the above brief history of stablecoins in the crypto-verse that James Wo replied, via Twitter, to a question as to when the ETC network will support a stablecoin. Mr. Wo is a founder at ETC Labs and he responded by stating that ETC labs was looking for stablecoin projects to support and/or partner with. His reply and the initial tweet asking the question can be found below.

Can Tether Be a Boost for ETC in the Crypto Markets?

In his response to Mr. Wo, Twitter user @crypto_espresso was quick to identify the benefits Tether has had on Ethereum since the latter platform started supporting the stablecoin. He implied that if Ethereum could benefit from issuing stablecoins such as Tether, then ETC would also reap the benefits of such a move.

#Ethereum has done well since it started to issue #Tether….so why not #EthereumClassic?

When USDT was launched in September of 2017 on the Ethereum network, ETH was valued at approximately $260 at the time. To note is that this was right before the 2017 crypto bull run that would find Ethereum trading at $1,400 in January of 2018. Therefore, for Ethereum Classic to experience such a drive in the markets after launching a stablecoin, it would take the right type of trading environment for ETC to exhibit similar gains.

Viewing the situation from another angle, there is also the aspect of additional exposure of the Ethereum Classic network through the issuance of a stablecoin. What might result from the launch of a stablecoin on the ETC network, is that more projects will migrate over and boost the Ethereum Classic ecosystem.

(Feature image courtesy of Ran Berkovich on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.