Ethereum Whales Make Bold Moves Amid Price Decline
Ethereum’s (ETH) price has experienced turbulence over the past two months, as the global crypto market cap plunged by roughly $150 billion. While the price drop may seem alarming to some investors, the top 10 non-exchange ETH addresses have been making significant moves — their holdings have touched a new all-time high (ATH).
A Closer Look at the Data
Market intelligence platform Santiment reveals that the top 10 Ethereum whales now hold roughly $59.47 billion worth of ether, equating to 31.8 million ETH. This development reflects a significant shift in the market, with more users moving into “self-custody and DeFi options,” as per Santiment’s analysis.
Limited Coins in Exchanges
As the whales up their stakes, data indicates that a meager 7.29 million coins remain inside the top exchange addresses, worth around $13.65 billion at the time of writing.
Ethereum’s Performance in the Market
The whale movements are coinciding with a further drop in Ethereum’s price. The second-largest cryptocurrency is down by 1.48% in the past 24 hours. Ethereum is trading at around $1,870 at the time of writing. It has declined by 1.4% over the past month and has experienced a 0.78% fall in the last 60 days.
Trading Volume Surges Despite Price Slump
Contrary to Ethereum’s price trends, its 24-hour trading volume has skyrocketed despite the uncertain market conditions. It has risen by 44%, currently standing at $4.7 billion.
The SEC’s Stance on Ethereum
Last month, the US Securities and Exchange Commission (SEC) announced that ETH would be accepted for penalty payments. However, it’s important to underline that the SEC still classifies Ethereum as a security, adding another layer of complexity to the narrative surrounding this influential cryptocurrency.
Conclusion: Ethereum Whales Signal Resilience
In the face of Ethereum’s recent price declines and market volatility, the steadfastness of Ethereum whales is a noteworthy development. The escalating holdings of these major players demonstrate their unwavering belief in Ethereum’s long-term potential, even as the cryptocurrency is experiencing short-term setbacks.
The increased move towards self-custody and DeFi options, coupled with a robust trading volume amidst falling prices, are clear indicators of a dynamic and evolving market landscape. This is all happening amidst the ongoing dialogue surrounding Ethereum’s classification as a security by the SEC.
As the crypto market navigates through these uncertain times, the actions of Ethereum whales provide an interesting barometer of investor sentiment and could serve as a harbinger for future market trends. While it is yet to be seen what turn the market will take next, it’s clear that these investors are not shying away from Ethereum, betting on its resilience in the long run.
