Santiment: 104 whale wallets currently hold 57% of ETH, which is a bullish signal

ChainCatcher message, on-chain analysis platform Santiment's data shows that Ethereum whale wallets have reached an all-time high, with 104 whale wallets holding over 100,000 ETH, estimated to hold 57% of the existing total ETH supply.

Meanwhile, the proportion of wallets holding between 10 and 100,000 ETH is at a historical low of 33.46%, while the supply proportion of wallets holding less than 100 ETH is only 9.19%, also marking the lowest level in nearly four years. This could be a long-term bullish signal, especially as whales continue to accumulate more ETH.

Santiment states: "Although the second-largest market cap currency is increasingly composed of DeFi and staking wallets, it is still typically a bullish long-term signal when the key stakeholders of a currency continue to accumulate. Especially when it is an asset that has been around for 9 years, and the proportion of tokens held by large holders has reached an all-time high."