Billionaire whales have added over 14% ETH since before the Merge.
The crypto sector has been trapped in bearish patterns for several weeks, and even big tokens such as Ethereum are under tremendous pressure. This has resulted in the massive dumping of tokens which has further dampened the chances of potential upticks.
Accumulation Signsthat Ethereum whale addresses holding one million or more ETH have collectively added 3.5 million more of the asset or $4.55 billion in their bags in the past few months. With the subsequent additions, the holding of this particular cohort of investors, with 132 addresses, has increased by more than 14%. “Ethereum billionaire whale addresses holding 1M or more ETH have collectively added 3.5M more coins. This has increased their cumulative bags by +14%. There are currently 132 such addresses in existence.” The price of the world’s largest altcoin has been hammered by the freezing crypto winter. It was down by over 75% since its ATH at nearly $5,000 more than a year ago. The highlight-anticipated Ethereum “Merge,” too, turned out to be a “buy the rumor, sell the news” event and failed to meaningfully change the token’s price trajectory. In fact, ETH has shed 21% since the transition. But the latest accumulation trend contradicts that of another cohort of big investors – sharks and whales – that have decreased by more than 3 million ETH in the last five weeks. This could essentially point towards a shift or redistribution among large Ethereum holders that further drove the selling pressure pushing ETH price to levels not seen since July this year.
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