Top 10 Ethereum Non-Exchange Whales Ratio Rises 3.12x – Great Sign: Santiment Report

Recent on-chain data shows that top off-chain whales are now holding 3.12x more Ethereum than exchange crypto whales; as ETH hits $3,500, that is likely to be a good sign

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According to a recent tweet by on-chain analytics vendor Santiment, the amount of Ether held by crypto whales off exchanges has increased 3.12 times compared to the same number of top exchange whales.

Non-exchange whales hold more ETH than large exchange wallets

While Ethereum recaptured the $3,500 level earlier today and remains above it now, Santiment says this whale index rise a great sign for the second-largest digital asset.

According to the data shared by Glassnode, the daily ETH flows to exchanges constitute $1.1 billion worth of crypto, and outflows total $1.3 billion in crypto equivalent. CryptoQuant analytics company has confirmed that, recently, Ethereum reserves on crypto exchanges have declined sharply.

👉 MUST READ Ethereum Hits $3,500 First Time Since May, While ETH Balances Drop Significantlyrelated article image

Ethereum recapturing its recent gains

Ethereum reached an all-time high of $4,362 on May 12, and the $3,500 the coin hit today has not been around since mid-May.

Recently, the second-most popular blockchain implemented the long-expected London hard fork, which, aside from pushing Ethereum closer to proof of stake (PoS), now also allows burning a part of ETH transaction fees. The implementation of London on Aug. 5 pushed ETH above the $3,000 level.

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Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.