According to on-chain analytics Santiment, this means that since September 11, the 132 Ethereum addresses with over 1 million $ETH in their balances have added a total of $4.48 billion worth of the second-largest cryptocurrency by market capitalization into their wallets.
Market data shows that Ethereum is trading at $1,280 per token, after losing around 1.1% of its value over the last 24-hour period. Over the past 30 days, the cryptocurrency is down 5.2% amid a wider crypto market downturn.
In a separate tweet, Santiment also found that other Ethereum whale and shark addresses with smaller ETH balances have been divesting their holdings. Per the firm, Ethereum shark and whale addresses, holding between 100 and 1 million $ETH, have seen their balances drop by 3.3 million tokens in 5 weeks.
The Ethereum network has steadily been growing over the last few months, surpassing 200 million unique addresses earlier this year even as transaction fees rose and processing times slowed as a result.