ETH Breaks Out as Whales Wake Up and Ethereum Wallets Hit Record High

ETH surged past $2,600 on Friday for the second time this month. Can this break out be different? According to recent data shared by Santiment Intelligence, Ethereum’s recent rise past $2,600 came on the heels of returning whale activity, an impressive record for non-empty wallets, and the broader developments on the staking front. Although the rise in whale transactions does not necessarily indicate outright accumulation since large transfers can represent both buying and selling, the actual price moves of the underlying asset leaned toward purchases. Wallet Count Hits New Record The data from the intelligence provided notes that the number of non-empty Ethereum wallets has climbed to a new record of over 207 million. The figure suggests that ETH ownership continues to spread even after months of relatively weak price action. At the same time, a substantial portion of Ethereum’s circulating supply remains committed to the network rather than sitting idle. With entities such as Bitmine actively staking their substantial tokens, the number of ETH currently staked has grown to over 40 million. In addition, Ethereum continues to secure the leading place in terms of total value locked ...