On-chain data shows the Ethereum wallets with more than 1,000 ETH have reduced their holdings over the last eleven weeks, shedding 1.5% of the ETH supply.
Ethereum Whales Have Distributed Tokens Equivalent To 1.5% Of The SupplyAddresses are placed into these cohorts based on the number of tokens that they are carrying in their balance. The 1 to 10 coins group, for instance, includes all investors owning between 1 and 10 ETH.
Now, here is the chart for the Ethereum Supply Distribution shared by Santiment that shows the trend in the indicator for three wallet ranges: 0 to 1 coins, 1 to 1,000 coins, and 1,000+ coins.
As displayed in the above graph, the smallest of Ethereum investors, retail holding less than 1 ETH, have seen their combined supply go up since December. This group now holds more than 2.3% of the cryptocurrency’s supply, the highest level ever.
Over the last eleven weeks, these large entities have distributed 1.5% of the total ETH supply. This selloff has taken their supply under the 75% level, the lowest in seven months.
Alongside this phase of selling from the sharks and whales, the Ethereum price has plummeted, and it’s possible that this bearish price action could only continue in the near future if the distribution maintains. It now remains to be seen whether the Supply Distribution of the 1,000+ ETH investors will remain in a downtrend in the coming days or if a reversal will appear.
In total, these humongous wallets have bought 23.02 trillion PEPE during this period. As the analytics firm explained:
Retail sentiment is very bearish at the moment toward Pepe and meme coins, but expect that coins with heavy accumulation will inevitably have another breakout once Bitcoin is able to see some sustained bullish momentum.
ETH PriceAt the time of writing, Ethereum is trading around $1,950, down nearly 14% over the last week.
