Ethereum is the second largest cryptocurrency by total market capitalization, the price of the Ethereum coin in the last 24 hours has increased by 3.55% to an estimated $2805 at the time of writing.

In addition to the rise in the price of Ethereum, the activity of Ethereum on-chain has increased rapidly and significantly in the past few weeks, as large Ethereum addresses accelerated its accumulation of Ethereum coins.

Data analytics firm Santiment released its latest Ethereum whale report today, stating that the top 10 Ethereum addresses now have a total of 19.08 million ETH.

🐳📈 Top 10 # Ethereum Titles whales are crawling toward a new milestone in terms of retained supply. Currently holds 19.08 m ETH dollarPreviously, these headlines were # Every time from 19.25 pm ETH dollar Three weeks before the price rose to over $4,300. pic.twitter.com/CLHFUzbK3P

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– Santimentfeed June 2, 2021

Despite the recent buildup, the supply of Ethereum in the leading exchanges continues to decline.

According to Santiment:

The top 10 Ethereum whale addresses are moving towards a new milestone in terms of retained supply.

And as we mentioned in previous articles on the Arab Bitcoin website, the number of Ethereum deposited in the Ethereum 2.0 contract has exceeded 5 million Ethereum.

Another reason that contributed to the low volatility of the Ethereum price is the low average transaction fees on the Ethereum network, which have fallen from $60 to $6.08 in the past four weeks.

What does it mean when Ethereum whales accumulate their Ethereum?

Ethereum whales have increased rapidly and contributed to the movement of Ethereum since the beginning of this week.

Yesterday, informed Whale Alert, which tracks and analyzes the blockchain, reported a transaction involving 48,582 Ethereum to an unknown wallet.

The above conversion was executed yesterday, Wednesday, 2nd June at 23:00 UTC.

Aside from the recent increase in unknown transfers, significant Ethereum moves from leading digital exchanges to crypto wallets were also reported this week.

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Earlier today, 20,522 Ethereum, worth over $55 million, was transferred from cryptocurrency exchange Binance, to an anonymous digital wallet.

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According to the latest data published by Glassnode, smart contracts now hold approximately 23% of the total Ethereum supply.

On the other hand, cryptocurrency exchanges own approximately 12% of the total Ethereum supply, which is down from the 17% recorded in September 2020.

As for the accumulation of Ethereum whales of what they possess, it is a positive indicator and shows that they plan to keep what they own until the rise of Ethereum and its reaching a certain price before offering it for sale.

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