The rise of Ethereum above the psychologically important mark of $4500 was caused by the actions of large investors managing amounts from 1000 ETH to 100000 ETH, analysts from the Santiment platform said.
According to the information provided by the platform, since April, large Ethereum holders have increased their reserves by 14%, acquiring a total of 5.54 million ETH. They currently own 42.5 million ETH worth $186.4 billion — about 35% of the total supply of the second largest cryptocurrency in the market.
At the same time, the supply of the second largest cryptocurrency on exchanges is being reduced, reaching new lows for the last three years. Currently, the reserves of major platforms are estimated at 17.26 million ETH compared to 28.8 million ETH in September 2022, specialists from Santiment reported.
In their opinion, if the trend of decreasing Ether volumes on major exchanges continues, the price of ETH may continue to rise, creating a shortage of available liquidity and increasing investor interest in long-term asset storage.
Earlier, Ethereum co-founder and CEO of blockchain company ConsenSys Joseph Lubin stated that due to the growing popularity of Ether among large investors, the coin's price will increase 100 times from its current level.
