The top 100 holders of Ethereum have been buying more and more. The ongoing accumulation is a positive indicator that expectations are high.

When it comes to cryptocurrencies, it is often useful to look at the movements of top wallets. You can often learn a lot from how many holders a project has—and whether the leading holders are buying more or not. When it comes to Bitcoin, as BeInCrypto has reported, some 12.6M BTC was recorded in late December not to have moved in at least 12 months.

Now, the latest reports suggest that Ethereum’s top 100 holders are also accumulating.

Ethereum’s Top Holders Are Buying

According to recent metrics reported by Santiment (@santimentfeed), the top 100 holders of Ethereum have begun to accumulate after a lull since the start of the year. Although there was significant accumulation by these whales in late October, there was a significant selloff in late December.

The chart bellow shows the top 100 holders relative to total supply.

The data is overall a bullish indicator for Ethereum, and collective sentiment seems to be improving. However, the consequences of this accumulation period are still debatable. For example, Ethereum rose substantially in January, but the top 100 wallets had much less circulating supply then than they did in December.

So, it’s currently unclear how direct the correlation is with Ethereum’s top 100 wallets and future price.

ETH 2.0 Still a Long Way Away

According to recent estimates, although ‘phase 0’ of ETH 2.0 is likely coming out this year, the full roll-out will likely not happen for at least a few years. The first iteration of ETH 2.0 won’t even have transactional capacity, and funds will effectively be frozen until this feature is added.

Ethereum has been recently boosted by its jump into decentralized finance. DeFi, as it’s called, now has over $1 billion worth of assets locked in its smart contracts. Competitors have been struggling to keep up with this momentum. Yet, it still has security vulnerabilities that have alarmed others in the cryptocurrency community. Litecoin founder Charlie Lee, for example, recently called it “decentralization theater.”

Bullish momentum continues to build on Ethereum, yet the transition to ETH 2.0 has proven more complex than most people expected. However, Ethereum boasts a strong dev community, which is tackling these issues head-on – and investors will have to simply be patient until everything is perfect for release.