Whales added to their coin stash as the rest of the market bled. These are individuals and entities that hold thousands of high-value cryptocurrencies such as Ethereum and Bitcoin and those that hold a greater percentage of other popular tokens.
According to data from Santiment Markets, Ethereum whales bought ETH valued at $500 million during the recentv market dip. These are entities that already hold more than 10,000 ETH in them.
In the past weeks, Ethereum lost more than 30% of its value as many investors shorted the cryptocurrency. However, analysts and market watchers such as WhaleAlert data has shown that there is a significant increase in the number of addresses holding high volumes of ethereum within the same period.
The Santiment report shows the rise in the number of whale wallets was most prominent in November when the value of Ethereum rose to $4,820 on its way to an all-time-high of $5000.
As expected, the rest of the market are moved by the purchases of the whales whose volumes mostly affect the market. In the same period, small wallets also increased by 1.4 million as smaller investors strive to benefit from the bullish market.
Ethereum is currently trading at $2,441 half its ATH value in November. Whales have substantial influence and mostly benefit by adding to their stash during dips.Ethereum Whales Buy $500 Million Worth Of Ether During Correction
Whales added to their crypto coin stash as the rest of the market bled. These are individuals and entities that hold thousands of high-value cryptocurrencies such as Ethereum and Bitcoin and those that hold a greater percentage of other popular tokens.
According to data from Santiment Markets, Ethereum whales bought ETH valued at $500 million during the recent market dip. These are entities that already hold more than 10,000 ETH in them.
In the past weeks, Ethereum lost more than 30% of its value as many investors shorted the cryptocurrency. However, analysts and market watchers such as WhaleAlert data has shown that there is a significant increase in the number of addresses holding high volumes of ethereum within the same period.
The Santiment report shows the rise in the number of whale wallets was most prominent in November when the value of Ethereum rose to $4,820 on its way to an all-time-high of $5000.
As expected, the rest of the market are moved by the purchases of the whales whose volumes mostly affect the market. In the same period, small wallets also increased by 1.4 million as smaller investors strive to benefit from the bullish market.
Ethereum is currently trading at $2,441 half its ATH value in November. Whales have substantial influence and mostly benefit by adding to their stash during dips.
