For the last week and more, the world’s second-largest cryptocurrency Ethereum (ETH) has been trading under pressure with its price failing to hold above the $2500 support levels. However, ETH whales seem to be making the most of this price correction and have started accumulating in big numbers.

As per the recent data from the on-chain provider Santiment, the holdings for the top ten Ethereum non-exchange whale wallets have surged rapidly in recent times. The combined holdings of these top-ten wallets have climbed to a massive 19.67m coins, the highest over the last five years since July 2016.

On the other hand, Ethereum (ETH) whale addresses holding 10K to 100K tokens have remained at an all-time high despite. But at the same time, mid-tier addresses holding between 10-10K ETH continue dropping.

Recently, Ethereum has been in the eyes of institutional players and market veterans. Bitcoin evangelist and MicroStrategy CEO Michael Saylor recently went on praising Ethereum.

Michael Saylor – Ethereum Provides Financial Establishment

In a recent interview with CNBC, the Bitcoin evangelist for the first time spoke about other digital assets apart from BTC. Talking about Ethereum, he said that the blockchain will disrupt traditional finance. Saylor said:

“You’re going to want to build your buildings on a solid footing of granite, so bitcoin is made to last forever — high integrity, very durable. Ethereum is trying to dematerialize exchanges and the finance establishment. I think that as the market starts to understand these things, there’s a place for everybody.”

Michael Saylor’s MicroStrategy has been massive raising funds over the last few months to invest in crypto.

About Author

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.