The largest non-exchange Ethereum (ETH) whales have been gobbling up the second largest crypto-asset throughout 2023, according to cryptanalysis firm Santiment.
holyday grades that the 10 largest non-exchange Ethereum addresses currently hold an all-time high of 31.8 million ETH, a total worth over $59.6 billion as of this writing.
explains the analysis company,
“As more and more Ethereum has moved into self-custody and decentralized finance (DeFi) options, many of these coins have been taken over by the largest whale addresses on the network.”
Cryptocurrency prices plunged across the board on Monday after news broke that the US Securities and Exchange Commission (SEC) launched a lawsuit against the major cryptocurrency exchange. global cryptocurrency, Binance, and its CEO, Changpeng Zhao. The regulator alleges that the exchange violated security and investor protection laws.
holyday noted that Monday represented the third worst day of 2023 for digital assets, price-wise.
“With the news that the largest crypto exchange is under SEC siege, prices had their third worst run of 2023 (the other two were on March 8 and April 17). A potential recovery largely depends on how big of a deal this ends up being, as the next 1-3 weeks go.”
The SEC followed Binance’s lawsuit by suing Coinbase on Tuesday, alleging that the major U.S. cryptocurrency exchange operated as an unregistered exchange, broker, and clearing agency.
Despite the second SEC lawsuit, cryptocurrency prices began to recover on the second day of the week, with overall cryptocurrency market capitalization rising 3% over the past 24 hours.
ETH is trading at $1,876 at time of writing and is up 3.5% in the past day.
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