According to crypto analytics firm Santiment, it is the largest over-the-counter Ethereum (ETH) whales continue to hold and receive ETH throughout 2023.
Santiment states that the top 10 Ethereum addresses over the exchange currently have an all-time high of 31.8 million ETH, which is more than $59.6 billion at the time of writing. stated.
As more and more Ethereum moves to self-custodial and decentralized finance (DeFi) options, many of these coins are held by the largest whale addresses on the network.
On Monday, following news that the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and its CEO, Changpeng Zhao cryptocurrency assets fell. The regulator claims the exchange violates investor protection and securities laws.
Santiment found that Monday represents the third worst day of 2023 for digital assets in terms of price.
With the news that crypto’s largest exchange is under siege from the SEC, prices took their third-worst breakout of 2023 (March 8 and April 17 are the other two). A potential rebound will largely depend on how big of a deal this will be as the next 1-3 weeks progress.
The SEC sued Coinbase on Tuesday. Binance came as another shock after his lawsuit, claiming that the largest US crypto exchange operates as an unregistered stock exchange, broker and clearing house.
Despite the second lawsuit, crypto prices started to recover on the second day of the week and the overall crypto market cap has increased by 3% in the last 24 hours.
ETH is trading at $1,876 at the time of this writing and is up 3.5% in the past day.
You can follow the current price action here.