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<p class="is-style-lead">Ethereum’s (<a href="https://crypto.news/price/ethereum/">ETH</a>) price has struggled to keep up over the past two months as the global crypto market cap plunged by roughly $150 billion. As the price dropped, the top 10 non-exchange ETH addresses’ holdings touched a new all-time high (ATH).</p>



<p>According to data from the market intelligence platform Santiment, the top 10 ethereum whales hold roughly $59.47 billion worth of ether — 31.8 million ETH. This move comes as more users move into “self-custody and DeFi options,” per Santiment.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">🐳 As more and more <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Ethereum</a> has been moving into <a href="https://twitter.com/hashtag/selfcustody?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#selfcustody</a> &amp; <a href="https://twitter.com/hashtag/DeFi?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#DeFi</a> options, many of these coins have been absorbed by the largest whale addresses on the network. The 10 largest non-exchange addresses now hold an <a href="https://twitter.com/hashtag/AllTimeHigh?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#AllTimeHigh</a> 31.8M <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> worth $59.47B. <a href="https://t.co/c3AIDOZsZL" target="_blank">https://t.co/c3AIDOZsZL</a> <a href="https://t.co/lXpsK5pc0r" target="_blank">pic.twitter.com/lXpsK5pc0r</a></p>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1665591722649300993?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 5, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Moreover, as the whales advance, data shows that only 7.29 million coins stay inside the top <a href="https://crypto.news/ethereums-exchange-holdings-plunge-to-5-year-low/">exchange addresses</a>, worth around $13.65 billion at the time of writing. </p>



<figure class="wp-block-image size-full is-resized"><img decoding="async" src="https://crypto.news/app/uploads/2023/06/ETH-price-June-5.png" alt="Ethereum whales’ holdings hit new ATH as price slips further - 1" class="wp-image-14165287" width="1020" height="541"><figcaption class="wp-element-caption">ETH price &#8211; June 5 | Source: Trading View</figcaption></figure>



<p>The whale moves come as ether drops further. The second-largest cryptocurrency is down by 1.48% in the past 24 hours.</p>



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<p>Ethereum is trading at around $1,870 at the time of writing. It has declined by 1.4% over the past month and has witnessed a 0.78% fall in the last 60 days.</p>



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<p>On the other hand, ethereum’s 24-hour trading volume has skyrocketed despite the uncertain market conditions. It has risen by 44% and currently standing at $4.7 billion.</p>



<p>Last month, the US Securities and Exchange Commission (SEC) <a href="https://crypto.news/sec-accepting-ethereum-for-penalty-payment/">announced</a> that ETH would be accepted for penalty payments. It’s important to note that the <a href="https://crypto.news/former-sec-exec-predicts-crackdown-on-crypto-influencers/">SEC</a> still classifies ethereum as a security.</p>



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Ethereum whales’ holdings hit new ATH as price slips further

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