Ethereum Whales Keep Accumulating as ETH Price Approaches $3,500

According to data provided by cryptocurrency analytics platform IntoTheBlock, Ethereum (ETH) whales now control 43% of the cryptocurrency's total circulating supply after another accumulation spree. 

As noted by the firm, this marks a substantial increase compared to early 2023. Back then, whales controlled only 22% of the token's total supply. 

IntoTheBlock has opined that this surge is likely related to the Ethereum merge and staking opportunities.

The number of unique addresses supplying ETH to the staking contract currently stands at 210,100 after growing by 8.60% over the past 24 hours. 

The cumulative amount of ETH tokens sent to staking stands at 55.96 million.   

Ethereum is eyeing $3,500

In the meantime, the price of Ethereum (ETH) is approaching the $3,500 mark, according to CoinGecko data. 

The leading altcoin is up by roughly 2% over the past 24 hours, recovering in tandem with other major altcoins. 

Bitcoin, the top cryptocurrency by market cap, surged to as high as $105,079 earlier today.