- Ethereum whales are busy accumulating ETH despite the current bear market crisis
- According to crypto-analytics firm Santiment, Ethereum whales have collectively pocketed 3.3 million ETH tokens over the past month.
Data acquired from crypto-analytics firm Santiment revealed staggering sightings of Ethereum whales. The data indicates that Ethereum whales are consistently accumulating large amounts of ETH despite the ongoing bear market phase.
Ethereum whales are accumulating large amounts of ETH tokens
According to a recent tweet uploaded by crypto-analytics firm Santiment, Ethereum whales are making the most of the current bear market phase by accumulating large amounts of Ethereum, which is dubbed the second largest cryptocurrency by market capitalization.
The tweet describes how Ethereum billionaire whale addresses holding one million Ethereum or more have collectively added over 3.5 million ETH tokens to their wallets. Santiment then shared that there are currently 132 addresses containing such an astonishing number of ETH tokens.
“Since 9/11, Ethereum billionaire whale addresses holding 1 million ETH or more have collectively added an additional 3.5 million coins. This increased their accumulated luggage by 14%. There are currently 132 such addresses. Santiment added.
Additionally, the platform further noted how Ethereum shark and whale addresses holding coins between 100,000 and 1 million dumped 3.3 million ETH in the past five weeks.
“Ethereum shark and whale addresses (holding between 100,000 and 1 million ETH) have fallen by 3.3 million ETH in the past five weeks alone. This equates to approximately $4.2 billion in dumped coins. The price of the asset against Bitcoin fluctuated depending on [the] behavior of these key players. Santiment later shared
The ETH hodling of Ethereum whales is also indicative of bullish price sentiment within the crypto whale community, which may help bolster the price of ETH over the long term. Generally, an increase in the pace of accumulation by whales is seen as a positive sign for a particular cryptocurrency.
“Whales” are usually portrayed as someone who has a large amount of cryptocurrency in their possession. The amounts are usually huge in terms of numbers, enough to manipulate market momentum at any given time.
According to Nitin Kumar, the co-founder of the metaverse solidify zblocks, “Whales typically place massive sell orders on the books at lower prices than other sell positions in the market, creating volatility following which prices fall, setting off a chain reaction. Stability returns when whales withdraw their large sell orders from the market or create enough panic sells to land the price where they wanted it and accumulate more coins, this tactic is often referred to as a “sell wall”.
2022 has been called a “rocky” year for Ethereum as the token has documented several upheavals in terms of price valuation. However, according to Ultrasound Money, Ethereum has already started projecting a deflationary stance as the blockchain has not issued any new coins in the past 30 days.
At press time, Ethereum is up 1.23% in the past 24 hours and trading at $1314.99.
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