• Ethereum has rallied above $1,400 today, due to on-chain data which shows ETH sharks have been accumulating recently.
• The current number of shark addresses in the market is the highest since February 2021.
• The “ETH Supply Distribution” metric for the 100-10,000 coin group has observed an uptrend in recent weeks.
Ethereum has been on a steady climb today, with the world’s second largest cryptocurrency rallying above $1,400. This surge in price has been attributed to on-chain data which shows that ETH sharks have been busy accumulating recently.
According to data from the on-chain analytics firm Santiment, the current number of shark addresses in the market is the highest it has been since February 2021. These addresses belong to the 100-10,000 coin group, which translates to around $140,000 and $14 million. While Ethereum whales are considered to be the most influential group of investors, sharks can also play a significant role in the market.
The “ETH Supply Distribution” metric for the 100-10,000 coin group has been steadily increasing in recent weeks. This indicates that the number of addresses in this group have been rising as well, which could be a result of the ETH sharks accumulating coins. The sharks have been accumulating Ethereum with the intent of profiting from the current bullish market.
Ethereum’s price is likely to continue to climb if the on-chain data continues to show increasing interest from the sharks. The presence of these investors suggests that the current bull market is likely to continue, and Ethereum could be headed for further gains in the near future. It remains to be seen whether these whales and sharks will be able to sustain the current rally, but for now, Ethereum’s price looks poised to continue its upward trajectory.