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Holdings by whale addresses with more than 1,000 ETH have been declining for the first time in three months, according to Santiment. Data showed wallets holding at least 1,000 ETH sold about 1.7 million ETH from May 20 to Aug. 20, local time, equal to roughly 2.9% of the supply held in that cohort.
By contrast, the share held by wallets with one to 10 ETH rose to 4.52% of total ETH supply from 4.38% over the same period. Santiment said the more important question is where those holdings moved.