Ethereum (ETH) Mega Whales Now Hold 68% of Total Supply, ETH Funds Secure Big Investments

Ethereum price has registered a strong rebound today surging 6.5% and moving past $1650 levels. The recent surge comes as Ethereum finds a strong support at $1500 before resuming its upwards journey. As per the Ethereum technical chart, it has formed an inverse head-and-shoulder pattern and is currently eyes its next move to $2000 and above.

#ethereum inverse head and shoulders break out, price getting ready to head back to $2,000!
— Lark Davis (@TheCryptoLark) March 7, 2021

As the Ethereum (ETH) price rebounds to $1700 levels for the first time in 10 days, the Ethereum mega whales are turning more dominant. As per the latest Santiment report, the Ethereum mega whales with over 10+ ETH whale addresses currently hold a massive 68.6% of the total supply.

As #Ethereum rebounded above $1,685 today for the first time in 10 days, whales (owning 10k+ $ETH) now own 68.6% of the total supply. This is the highest % owned by whales since Nov, 2017. 10-10k addresses meanwhile, own the lowest % since Sep, 2017.
— Santiment (@santimentfeed) March 7, 2021

This is for the first time since November 2017 that the whales are holding this high percentage of the ETH supply. On the other hand, addresses holding 10-10K ETH coins are lowest in percentage since September 2017.
Ethereum Funds by Galaxy Digital Secures $32 Million In Investments
Ethereum continues to gain wider acceptance among institutional players. As per the SEC  filings recently, the Ethereum funds launched by Mike Novogratz’s Galaxy Digital has secured $32.1 million in investments in a …
Story continues on CoinGape

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