The largest Ethereum (ETH) whales have been quietly gobbling up ETH in 2023, according to the crypto analytics firm Santiment.

Santiment notes that at one point this past weekend, the top 10 largest non-exchange ETH addresses surpassed collective holdings of more than 25 million Ethereum for the first time since 2016.

The firm also says that the number of large whale addresses has been declining, with only 124 addresses holding 100,000 or more ETH currently, compared to a high of 176 in July 2019.

Ethereum is worth $1,654 at time of writing. The second-ranked crypto asset by market cap is up nearly 1% in the past 24 hours and nearly 2.5% in the past seven days.

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