Ethereum Whales Reduce ETH Holdings: 4-Month Trend Analysis by Santiment
Ethereum (ETH) large holders show bearish trends since April, as reported by Santiment, the second-largest crypto asset by market cap.
Brian Quinlivan, Santiment's marketing director, highlighted that Ethereum addresses with 10 to 10,000 ETH shifted to a bearish stance around April. This change contrasts their bullish behavior in Q4 2022. Over a 4-month period, there was a significant dump in supply from these addresses. Despite heavy accumulation at the end of the previous year, rapid profit-taking occurred when ETH reached a yearly high of approximately $2,120
At the time of this article, Ethereum stands at $1,641. Brian Quinlivan, Santiment's Marketing Director, comments on the potential influence of Ethereum whales and sharks on its price. He says, "A decline in supply held by these major holders is worth noting. Despite their sell-offs, ETH prices can still climb. However, expecting an immediate surge to $2,000 based on their actions is misguided."
Furthermore, Quinlivan notes a positive link between Ethereum's transaction, trade volumes, and its price. "Ethereum, co-created by Vitalik Buterin, has seen a significant dip in on-chain activity since its peak in November of the previous year. This isn't inherently negative, but it indicates market uncertainty, especially with debates on whether the $1,650 price mark is justifiable.
Aug 30, 2023
