104 whale wallets control 57% of all Ether in a bullish signal

Ethereum's (CRYPTO:ETH) whale wallets now control 57% of the total Ether supply, according to on-chain analytics firm Santiment.

The platform reported on December 16 that 104 whale wallets, each holding over 100,000 Ether, now hold an estimated $333 billion worth of the cryptocurrency.

This marks the highest level of Ether concentration in whale wallets to date.

Meanwhile, wallets holding between 10,000 and 100,000 Ether have decreased to a historic low of 33.46%, while wallets with less than 100 Ether represent just 9.19% of the total supply.

Santiment stated that this increasing dominance of whale wallets could be a long-term bullish sign for Ether.

"It is still generally a bullish long-term signal when a coin’s most prominent key stakeholders continue accumulating. Especially when it’s a 9-year-old asset with whales holding their highest-ever portion of coins," Santiment explained.

Along with this, Santiment highlighted a rise in Ethereum wallet activity, noting that the daily average of new Ethereum addresses surpassed 130,200 in December.

This marks an 8-month high for the network.

Ethereum's price also saw a positive trend, reaching the $4,000 mark on December 7 for the first time since March.

The current price of Ether is $4,007, though it is still 17% below its all-time high of $4,891, which was reached in November 2021.

Analysts predict that Ethereum could potentially surpass its all-time high in early 2025, fueled in part by recent market changes.

Santiment also noted a shift in social sentiment, with Bitcoin (CRYPTO:BTC), Vanachains (VANA), and Moca Networks (MOCA) becoming popular discussion topics among crypto enthusiasts.

At the time of reporting, the price of Ethereum (ETH) was $4,025.56.