Ethereum Surges to New All-Time High as ETH Sharks Accumulate

• Ethereum has rallied above $1,400 today, as on-chain data shows ETH sharks have been busy accumulating recently.
• The “ETH Supply Distribution” metric indicates that the number of shark addresses in the market is the highest recorded since February 2021.
• The 100-10,000 coins cohort, which consists of two separate groups (100-1,000 coins and 1,000-10,000 coins), has seen an increase in Supply Distribution value in recent weeks.

The world’s second-largest cryptocurrency, Ethereum, has seen a significant surge in its price over the past few weeks. On Wednesday, Ethereum reached a new all-time high of $1,400, as the crypto market continues to remain bullish.

This price surge appears to be driven by a surge in demand from “ETH sharks”, large-scale investors who hold large amounts of Ethereum. According to data from the on-chain analytics firm Santiment, the current number of shark addresses in the market is the highest since February 2021.

Santiment’s “ETH Supply Distribution” metric tracks the number of wallets that hold specific amounts of Ethereum within a certain range. Of particular interest is the 100-10,000 coins cohort, which includes two separate groups (100-1,000 coins and 1,000-10,000 coins). This metric has seen an increase in Supply Distribution value in recent weeks, indicating that ETH sharks have been accumulating more Ethereum.

This is a clear sign of bullish sentiment in the market, as large-scale investors are confident that Ethereum will continue to grow in the future. This confidence is further bolstered by Ethereum’s upcoming transition to a proof-of-stake consensus mechanism, which will drastically improve its scalability.

Furthermore, Ethereum’s recent surge has also been fueled by the increasing popularity of decentralized finance (DeFi) applications, which are built on top of the Ethereum blockchain. These applications allow users to earn interest on their digital assets, and have been growing rapidly in popularity.

All of these factors have combined to create a perfect storm of bullish sentiment, driving Ethereum to new heights. With the ETH sharks continuing to accumulate, it remains to be seen how high Ethereum can go.