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This Ethereum metric just hit a 5-year high

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Ethereum price has surged by 41% within the past five days. The digital asset’s value surged from $1,754 to $2,488 as the market recovered and Bitcoin also witnessed a similar surge. The recent surge in ETH value also pushed the whales to amass a big chunk of Ethereum’s supply.

According to data provider, Santiment, Ethereum’s top 10 non-exchange whales increasingly adding more ETH to their holdings. Just last week, the 10 non-exchange whales held 21.3 million Ether and reported a new high.

However, as Santiment noted this accumulation has led to the ETH held on exchanges hit a five-year low of 4.66 million.

This declining supply on exchanges was not just limited to the whales. The falling supply of a digital asset on exchange is seen as a good sign and with Ethereum whales holding a large chunk on OTC wallets, this decline could hint at the support offered to the ETH ecosystem.

This accumulation outside of exchanges could signal the potential surge in the price of the asset, as London upgrade approaches. The London upgrade will include the deployment of the controversial EIP 1559 and is scheduled to take place on 4th August. EIP 1559 combined with the transition to proof-of-stake [PoS] is considered to be a “triple halving.”

This was a critical milestone in the Ethereum roadmap and was much-awaited by the community. The anticipation of this has been one of the reasons for the optimism of the long-term holders. Additionally, the network marked another milestone as the total number of validator nodes on the Ethereum 2.0 blockchain crossed 200,00 and the pledged deposits have reached 6.4 million ETH equivalent to $13.5 billion.

On the back of these upticks, Ethereum was trading at $2, 186 and maybe looking to move higher.

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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