Despite taking a painful hit in the wake of FTX’s collapse last month, Ethereum has offered traders some respite in the form of a sideways trading market.

Despite actual on-chain activity and utility still looking unimpressive, part of what has kept Ethereum buoyed is key whale accumulation.  According to crypto data analytics firm Santiment, in the past month, Ethereum addresses holding 100 to 1m coins have accumulated back 1.36% of the overall supply (about 1.63 million Ether). Accordingly, this cohort added 561,000 Ether worth about $690 million between December 5th and 6th.