Ethereum Whale Reserves Reach Highest Level in Seven Years

Santiment has reported that there has been a consistent decrease of Ether on exchange addresses over the past few months.

Currently, the volume of cryptocurrency on trading platforms comprises 8.5% of the overall market supply, the first time this level has been reached since May 2018.

However, while this trend is evident in ETH, its value remains in a stagnation phase.

On the other hand, Bitcoin has made a significant jump above $30,000 this week, a feat that had not been achieved since August.

Meanwhile, Ether is struggling to break through the resistance around $1,600 and remains below this level.

According to a report by Santiment, whales have accumulated 32.2% of Ether’s turnover by the end of October.

This is the highest figure since the summer of 2016.