Ethereum whales refuse to sell because more ETH flows into the DeFi

The number of addresses with more than 10,000 ETH has hardly changed as the asset reached a historic high of $ 2,050 on February 20.

In fact, according to Santiment, the number of wallets with more than 10 thousand. The ETH – valued at around USD 17.7 million at current prices – has fallen by only 0.9% in the last four months. This is comparable to a 7.2% decrease in the number of wallets with 100 to 10 thousand. ETH according to analytics provider.

A possible explanation for the deviation is that whale addresses may be owned by entities such as stock exchanges, large companies or institutional funds that need to hold the asset on hand or locked for investment purposes.

ETHhub co-founder Anthony Sassano noted that large companies and institutions are increasingly buying and holding ETH until March 18 rapporteur.

“I also expect many more public companies to announce ETH purchases in the coming months for a variety of reasons.” Some accumulate ETH so that they can use it as gas, others buy it share in eth2, and some will state this in their balance sheets as SoV / reserve asset. “

Mid-level addresses appear to store more ETH in the DeFi, as the amount of assets locked across protocols in the sector has also reached an all-time high.

According to statistics from the DeFi wallet provider Debank, the amount Ethereum locked in DeFi is nearing its peak of 9.6 million ETH.

This represents 8.3% of the entire offer and is estimated to be worth around $ 17 billion at current prices. The amount of locked ETH reached 10 million for the first time on March 11.

In addition, 3.53 million ETH, or $ 6.3 billion, is currently invested in the Beacon Chain, according to Eth2 blockchain explorer.

These two factors have significantly contributed to keeping the asset at its price levels, which have fluctuated around $ 1,800 since March 9. At the time of writing, ETH prices have dropped 1% in the last 24 hours and have traded at $ 1,790, according to Tradingview.

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