Ethereum Whales Sit on Fences as Interest Wanes
CryptoNewsTerminal Staff18 Sep, 2024
Ethereum Whales Sit on Fences as Interest Wanes
CryptoQuant contributor Darkfost has discovered that "Investor interest in #Ethereum $ETH has recently been remarkably waning". He explained that "Most whale addresses holding 100k $ETH are inactive and addresses holding 10-100k $ETH are also accumulating $ETH at a slow pace. On the other hand, addresses holding 100 to 1000 $ETH are steadily distributing their holdings. This may have also influenced the recent fall in $ETH dominance." The lack of activity from large ETH holders suggests that they are uncertain about the market's direction. This could be due to a number of factors, including the recent decline in the price of ETH, the upcoming Merge, and the overall uncertainty in the cryptocurrency market. Whatever the reason, the inactivity of ETH whales is a sign that the market is still in a period of consolidation. It remains to be seen whether the whales will start to accumulate ETH again or if they will continue to distribute their holdings. Only time will tell.
