Ethereum Whales Activity Drops while Price Consolidates
Ethereum has experienced a decrease in whale activity while the price of the asset remains steady above $1,800. Market intelligence firm Santiment has reported a decline in ETH whale transactions, with only 744 transactions worth at least $100,000 recorded in the past 24 hours, compared to 3,976 transactions on August 1. Similarly, whale transactions worth at least $1 million have dropped from 672 to 95. On the other hand, an ETH whale known as nd4.eth burned 2,500 coins, valued at over $4.5 billion, after a personal dispute. Additionally, the amount of Ethereum supply outside exchanges has reached record highs, indicating long-term accumulation.
Main Breakdowns:
- Ethereum whale activity has decreased significantly
- An ETH whale burned 2,500 coins due to a personal dispute
- Ethereum supply outside exchanges is continuously increasing
- ETH price consolidates between $1,825 and $1,870
- ETH’s 24-hour trading volume has surged by 25%
Hot Take: Ethereum Price Steady as Whale Activity Declines
The recent decrease in Ethereum whale activity may indicate a shift in market dynamics for the asset. While the price of Ethereum remains consolidated, the decrease in large-scale transactions suggests a potential reduction in market manipulation. Additionally, the burning of coins by an ETH whale due to a personal dispute highlights the individualistic nature of the cryptocurrency space. Nevertheless, the steady increase in Ethereum supply outside exchanges indicates a growing interest in long-term holdings. As the 24-hour trading volume for ETH surges, it will be interesting to see how these factors continue to impact the overall market performance of Ethereum.
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