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.
🐳 #Ethereum has surpassed $3,500 for the first time since mid-May. One year ago, the asset's price sat at $442. We've discovered that the ratio of $ETH's top 10 non-exchange whales is now 3.12 times as much $ETH as top 10 exchange whales. A great sign. https://t.co/k67bu0zz54 pic.twitter.com/I8j2t3GXXP— Santiment (@santimentfeed) September 1, 2021
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.
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.