Santiment, a crypto analyzing platform, has recently released a report that says the whales have offloaded a significant amount of Ethereum from crypto exchanges. The report further notes that the $21.3 million shares of the ten largest non-exchange whales have reached a new five-year high this week.
The report particularly says that the ten largest over-the-counter Ethereum addresses now control the biggest volume of Ethereum in the last five years.
As per the researchers, whales hold around 20% of the total supply of Ethereum, as 21.3 million coins were under the control of the whales by the end of last week.
However, on the other hand, the volume of Ethereum placed by whales in exchange wallets on their side has fallen to its lowest level since the year 2015 (4.66 million Ethereum).
Witnessing the outflow trend of ETH outflow which was high for several weeks recently, it should be noted that this has led to a surge in the price of the altcoin.
When the exchange rate of Ethereum reached the mark of $2,360 during the Asian trading, it marked the highest value since July 7.
As all the coins in the market are following the lead of Bitcoin and are surging in their prices, it is inevitable for Ethereum to stand out of the line.
In accordance with the data released by market data aggregators and exchanges, ETH touched $2,392 on Monday, marking an 8.2% increase over the last 24 hours and around 22% gain over the past 7 days.
Ethereum is considered a potential candidate that has the capability of replacing Bitcoin as per the institutions such as Goldman Sachs.
In terms of the technological advancements, Ethereum is in line for the London upgrade that is about to go live on August 4 and consists of five EIPs, or Ethereum Improvement Proposals.