Crypto analytics firm Santiment claims that Ethereum (ETH) whales were not deterred by falling market prices.
Saniment Remarks that whale and “shark” addresses holding between 100 and 100,000 ETH have increased their holdings by 3.5% in the last 12 days.
Investor cohorts now hold their largest percentage of Ethereum supply since July 2021.
ETH is trading at $1,208 at the time of writing. The second-largest crypto asset by market capitalization is down 1.30% in the past 24 hours. It also remains more than 75% down from its all-time high of $4,878, which it reached in November 2021.
Santiment refers to the price of $1,200 as a “psychological support level”.
Another crypto analytics company, Glassnode, Remarks that Ethereum’s balance on exchanges also hit a four-year low on Friday. This drop could indicate wavering confidence in centralized exchanges after the highly publicized collapse of FTX last week.
Saniment said Overall crypto market sentiment currently has a bearish bias, which could actually mean good things for the digital asset space.
“The FUD Crowd [fear, uncertainty, doubt] is real as the markets wrap up the work week. Conversations relating to current market conditions on Twitter, Reddit, Discord, and Telegram indicate a major bearish bias. This historically increases the likelihood of future price increases.
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