As we get closer to Ethereum 2.0, which brings staking rewards to the 2nd largest cryptocurrency, whales are actively purchasing ETH in large volumes.
The new update will see Ethereum move from Proof of Work to Proof of Stake. This change will allow large holders of ETH to stake and receive rewards.
Most existing large holders seem to be adding to their already massive positions ahead of the update. The price of ETH has been stagnant for most of 2020, with little signs of a downward trend in the last few months.
Further, the ETH charts have shown signs of a possible uptrend that is yet to materialize. According to data from Sentiment, an advanced crypto charts, and market insight provider, whales are capitalizing on the stagnation.
Most whales have adopted the trend of buying more ETH, awaiting a break into an uptrend. What’s more, several miners have collectively increased their balances by 15,000 ETH.
“After a mild bag dump around the time ETH began to consolidate, miners have resumed accumulating for the time being,” remarked Santiment.
Also, the number of addresses with ETH worth millions of dollars is increasing once more. Since the start of June, the number of addresses with over 100,000 ETH has risen by 5 percent. The holders distribution chart by Santiment indicates that 160 addresses hold between $23 million to $230 million of ethereum. This is the highest ever recorded.
Ethereum seems to be gearing up for an uptrend with Ethereum 2.0 ahead and whales accumulating. The introduction of Proof of Stake is set to improve existing scalability problems.
Also, it will reduce the entry barrier for people who want to participate in network validation, making it more accessible.
There is no date finalized for the release of Ethereum 2.0. However, if recent activities are anything to go by, it might be soon.
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