More Ethereum is injected into DeFi and Whales are holding their ETH bags
In the last month, the number of ETH whales with 10K or more ETH has not decreased.
The number of wallets with more than 10K of ETH has not dropped or changed in the past 4 weeks since February 20 when Ethereum set a new ATH of $2,050.
To be more precise, the total number of wallets holding over 10K has only dropped by 0.9% over the past 4 months according to Santiment data. And in another analysis, there was a 7.2% fall in the number of the wallets that are holding 100 to 10K of ETH which signifies that these addresses could belong to a large company or an exchange which may not allow the selling of that asset for the sake of investment. In his March 18 newsletter, ETHhub co-founder, Anthony Sassano, stated that there is a growing interest in the purchasing of ETH from big companies.
“I also expect to see many more public companies announce ETH purchases in the coming months for different reasons. Some will stockpile ETH to use as gas, some will buy it to stake in eth2, and some will put it on their balance sheet as a SoV/reserve asset.”
However, the mid-tier level addresses seem to be investing more ETH in DeFi as the overall amount has hit a new ATH. Stats from Debank , DeFi wallet provider, say that 9.6M ETH is in DeFi which is equal to 8.3% of the total ETH supply which is worth around $17 billion at the time of writing this article. Moreover, 3.53M ETH which is worth $6.3B is staked on Beacon Chain.
It can be argued that the factors mentioned have been critical in keeping the price level of the ETH which has of course oscillated around $1.8K.
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