Deep diving with Ethereum whales

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Aside from the amount of Ethereum the whales own, another characteristic of the group is their investment behavior: they strain their assets and probably also the ecosystem itself. they have still done business with their ETH. Unsurprisingly, four of the ten whales bought more ether in the past year.

The latest findings from Covalent in the bi-weekly newsletter from Cointelegraph Consulting examine the anatomy of Aether Whales (ETH). The data shows that the top 10 ETH-only whales consistently hold around 5 million ETH, with the largest whale accumulating more than 25% of the capital. The wallet address of the largest Ethereum whale, similar to that of the other seven whales in the ranking, is relatively young as they only started buying in 2019.

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The largest whales, as measured by the total value of assets held, show a different pattern, with nine out of ten holding both ETH and ERC-20 tokens and actively trading different tokens since 2017. Their extensive portfolios also included assets such as Uniswap (UNI), Wrapped Bitcoin (wBTC) and Binance Coin (BNB), popular ERC-20 tokens.

The newsletter also includes a breakdown of gas charges for 1Inch v3 and Uniswap v2 prior to the expected launch of Uniswap v3. In terms of efficiency, Uniswap’s gas fee averaged 0.8% of the transaction value, while 1-inch v3 users spent an average of just 0.3%. You can find a more detailed analysis in the full edition of the newsletter.