Ethereum Whale Holdings Decline Continuously
An analyst named James V. Straten has shared a comparison of the behavior of Bitcoin and Ethereum whales in terms of their holdings. The chart shows that Ethereum whales have been consistently selling off their cryptocurrency, while Bitcoin whales have maintained their holdings.
Temporary Deviations and Drawdowns
The Ethereum whales participated in profit-taking during the 2021 bull run but eventually resumed accumulation. However, there was a drawdown observed around the collapse of FTX in November 2022 that is yet to be fully reversed.
Huge Sell-Off by Ethereum Whales
Since 2020, Ethereum whales have sold 20 million ETH, equivalent to $31.6 billion. In the past year alone, they have sold 12 million ETH, worth $18.9 billion.
Comparison between Bitcoin and Ethereum Whales
The size of the whale holdings is not the same for Bitcoin and Ethereum due to the difference in prices. However, when comparing similar-sized entities, Ethereum whales with holdings between 10,000 to 100,000 ETH have shown accumulation over the years but have also sold significant amounts this year.
Mega Whales’ Behavior
The mega whales on the Ethereum network with holdings over $158 million have distributed heavily since 2020.
Bleak Situation for Ethereum
The lack of interest from Ethereum whales in accumulating the asset is concerning. Unlike Bitcoin whales who have been net buyers this year, Ethereum’s whales show no signs of a turnaround.
ETH Price
Ethereum’s price has recently declined and is now retesting lows seen in August.
Hot Take: Ethereum Whales Continue to Sell, Signaling Concern for the Future
The continuous selling of Ethereum by whales raises concerns about the future of the cryptocurrency. Despite temporary deviations and drawdowns, Ethereum whales have shown no signs of slowing down their selling activities. This is in stark contrast to Bitcoin whales, who have been actively accumulating the asset. The decline in Ethereum’s price and the lack of interest from its largest holders highlight a bleak situation for the cryptocurrency. It remains to be seen whether this trend will reverse in the future, but for now, it seems that Ethereum whales are not optimistic about the asset’s prospects.
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