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Large-scale whale investors have reportedly used the ongoing cryptocurrency bear market to accumulate vast sums of Ethereum (ETH).

According to a recent report by crypto market research group Diar, more ETH was accumulated by ‘whale’ addresses in 2018 than any other period in history. Through 11 months of the year, nearly 10 million ETH have been accumulated, bringing the total value of the top 500 addresses to 20 million ETH ($2.3 billion) — just under 20% of the total circulating supply.

Whale Active Address Since 2017 (ETH) via Diar

This accumulation phase comes as ETH dropped from roughly $800 to just north of $110, where it’s trading at today. Ethereum also recently lost the distinction as the second largest cryptocurrency when it fell below the market cap of XRP.

ETH via CoinCodex

Diar speculates that the growth in ETH holdings have primarily been driven by investors exiting ERC-20 token positions, as these positions took on massive losses in 2018. Additionally, while the net inflows have been a positive $1 billion in 2018, it’s important to note that 90% of those funds came in Q1 2018.

More: Ethereum Whales Accumulate Billions, But Growth Remains Stagnant
Related: Fidelity Wants to Offer Clients Major Altcoins in Addition to Bitcoin and Ethereum

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.