Ethereum (ETH): Whales, Sharks Interest & What the Past 13 Days Had
- ETH has seen increased accumulations since the FTX saga.
- Short traders seem to accumulate as most HODLers endure losses.
Santiment data showed whales and sharks amplified their Ethereum balances over the past 13 days. That comes as the leading at hovered around its psychological support of $1.2K. Meanwhile, ETH price recorded a 4% decline within the past seven days.
Nevertheless, the on-chain analytics site noted that Ethereum addresses with 100 – 100,00 $ETH increased their balances by 3.4% within the previous 13 days. Remember, Binance CEO and co-founder Changpeng Zhao tweeted about the exchange FTX 13 days ago, leading to the SBF’s platform’s eventual collapse.
Ethereum whales and sharks reacted to the events by accumulation as the entire crypto market crumbled. Santiment revealed that this Ether holder category held their highest ETH supply since July last week – 46.85% during this publication.
ETH’s Increasing Accumulation
Though Ethereum price hovered at zones witnessed in June, on-chain stats show HODLers have steadily accumulated Ether since November 6. Moreover, CryptoQuant’s data confirmed consistent plummets in the token’s exchange reserve.
Ethereum on exchanges dipped by 10% over the last two weeks, hovering at 20.33 million during this publication. That indicated that fewer Ethereum declines have emerged since the FTX collapse.
Moreover, more market players have purchased that sold the crypto since then. The soaring Ethereum pool out of exchanges in that timeframe also emphasized that narrative. The crypto firm Santiment indicated that the altcoin’s supply out of crypto exchanges increased by 2% since November 6.
Nevertheless, the FUD and uncertainty that plagued the entire crypto space after FTX’s debacle saw investor sentiment toward Ethereum remain negative, wavering at -0.613 during this writing. Furthermore, most Ether holders have held their assets since November 6 (Santiment data).
The MVRV Ratio hovered at -19.41% at this writing. What triggered the accumulation surge if holders have seen losses since November 6? Evaluating Ethereum’s funding rate might reveal that. Ether’s funding rates have stayed negative since November 6. That indicated that short traders dominated the marketplace and accumulated ETH in anticipation of more price slumps.
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