Ethereum Supply Distribution Suggests Long-Term Bullish Signal: Santiment
Market intelligence platform Santiment suggests Ethereums institution-dominated supply distribution spells long-term bullish sentiments for the asset.Supply distribution is a crucial tokenomics element for cryptocurrencies. For context, the more evenly distributed an asset is, the less impact its price will suffer from whale selloffs.However, this reality changes when institutions enter the game. A crypto asset with more institutional adoption has long-term security and higher chances of continued uptrends.On this front, data from Santiment has revealed a bullish supply distribution for Ethereum. The second-largest cryptocurrency by market cap has over 57% of its supply locked among institutions, a long-term bullish narrative for the altcoin king.Ethereum Whale Holdings Hit All-Time HighIn a Tuesday tweet, Santiment shared that an exclusive caliber of Ethereum whales has amassed an unprecedented amount of the assets supply. Per the data, wallets holding at least 100,000 ETH now command a staggering 57.35% of Ethereum's supply.Consequently, the balances of other Ethereum holders have depreciated considerably. The market intelligence platform pointed out that whales holding between 100 and 100,000 ETH have dropped to their lowest-ever supply control.The whales now hold just 33.46%, losing market share to large high-caliber holders. Meanwhile, retail Ethereum wallets - addresses with less than 100 ETH - have reached a multi-year low. The faction of Ethereum holders now commands just 9.19% of the assets supply, their lowest since January 2021.
Text source: The Crypto Basic
