Crypto analytics firm Santiment claims that Ethereum (ETH) whales and sharks have not been deterred by bearish price action in the market. According to their data, whales' and sharks' addresses, containing between 100 and 100,000 ETH, have increased their holdings by 3.5% over the past 12 days. These investor cohorts now own the largest percentage of the Ethereum supply since July 2021.
At the time of writing, ETH is trading at $1,222 per coin. It remains about 75% below its all-time high of $4,878, which was reached in November 2021. Santiment calls the $1,200 price a “psychological support level.”
🦈🐳 #Ethereum is limboing just above the $1,200 psychological support level, and is down a modest -3.3% in the past week. Sharks & whales, meanwhile, have rapidly added $ETH to their bags, increasing their holdings by 3.52% in just the past 12 days. https://t.co/dLz52ovfTs pic.twitter.com/fTrwdn8Ku0— Santiment (@santimentfeed) November 18, 2022
Another cryptanalytic firm, Glassnode, notes that Ethereum balances on exchanges also hit a four-year low on Friday. This may indicate a wave of the decline of confidence in centralized exchanges following the FTX crash last week. In this regard, investors increasingly prefer to keep their savings off exchanges.
Santiment says that the overall mood of the cryptocurrency market is currently bearish, which could actually mean good things for the digital asset space.
“The crowd FUD [fear, uncertainty, doubt] is real as markets wrap up the work week. Conversations relating to current market conditions on Twitter, Reddit, Discord, and Telegram indicate a major bearish bias. This historically increases the probability of future price rises.”
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.