• The number of ETH whales has reduced drastically in 2020 despite the currency’s surging prices and institutional adoption. 
  • Glassnode’s data indicates that unique addresses holding over 10,000 ETH dropped to just 1,050 on May 14.
  • This number is a new low since January 2019, indicating a year of outflows from Ethereum. 

Data from the analytical firm, Glassnode, suggests that Ethereum “whales” are reducing in number despite the cryptocurrency’s surging prices and institutional adoption. Recent Bitcoin halving saw BTC’s price move from sub-$5,000 in January 2020 to over $10,000. Many digital assets followed suit, with currencies like ETH and XRP posting over 50% gains. 

Nevertheless, Glassnode’s data indicates that Bitcoin is the “flavor” for 2020. The seven-day average of the number of unique addresses holding over 10,000 ETH fell to just 1,050 on May 14. This number is a new low since January 2019, indicating a year of outflows from Ethereum. 

In the same period, whale-linked Bitcoin addresses have increased significantly. The seven-day moving average of the number of addresses holding more than 10,000 Bitcoins rose to 111 at the end of April, which is the highest level since April 2019. 

According to a CoinDesk report, Connor Abendschein, a crypto researcher, said: 

Some ETH whales could have moved into BTC in anticipation of potential price appreciation in the top cryptocurrency due to the effects of the mining reward halving.

In March, Bitcoin’s price recovered from $3867 to $7000 in just five days. This could have been a reason for ETH whales to move to Bitcoin. Another possible reason could be the increased investor interest in the decentralized finance (DeFi) space.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP