Ethereum, the world’s second-most valuable digital asset, is now up by more than 7% in the last 24 hours as the cryptocurrency market posted a strong rebound. Ethereum’s on-chain activity has also increased rapidly in the last few weeks as large ETH addresses have accelerated the accumulation of Ethereum coins.

Santiment, the crypto analytics and data services provider, today released its latest report about Ethereum whales and mentioned that the top 10 ETH addresses are now holding a total of 19.08 million coins. Despite the latest accumulation, ETH supply at leading digital exchanges is plunging.

“The top 10 Ethereum whale addresses are creeping toward a new milestone in terms of supply held. Currently holding 19.08m ETH, these top addresses previously held an All-Time High of 19.25m ETH three weeks before the price skyrocketed above $4,300,” Santiment mentioned.

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Ethereum 2.0, the network upgrade of ETH, recently crossed 5 million coins under its deposit contract after receiving immense support from the ETH community. Due to the latest decrease in volatility, the average transaction fee on the ETH network has dropped from over $60 to as low as $6.08 during the last 4 weeks.

Ethereum Network Activity

ETH whales have rapidly increased the movement of ETH since the start of this week. Yesterday, Whale Alert, a blockchain tracking and analytics platform, reported a transaction involving 48,582 Ethereum to an unknown wallet. The mentioned transfer was executed on Wednesday 2 June at 23:00 UTC. Apart from the latest surge in unknown transfers, large Ethereum movements from leading digital exchanges to crypto wallets were also reported this week. Earlier today, 20,522 ETH coins worth more than $55 million were transferred from crypto exchange Binance to a digital wallet.

According to the latest data published by Glassnode, smart contracts are now holding nearly 23% of the total Ethereum supply. On the other hand, crypto exchanges have approximately 12% of the total ETH supply, down from nearly 17% in September 2020.

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