Despite a dip in Ethereum’s price and market share, Ethereum whales are accumulating assets, holding steadfast amid market trends.
Highlighting Points
- Ethereum whales acquire 40 million ETH despite market declines.
- ETH price experiences resistance, falling 1.73% to $1,560.
- Ethereum Foundation induces selling pressure by converting $2.7M ETH to USDC.
- New futures-based ETFs in the US see a subdued response, raising only under $10M in the initial week.
Ethereum, the world’s largest cryptocurrency, has encountered significant selling pressure, facing a stern rejection at the $1,750 mark and is currently trading down by 1.73% at $1,560, boasting a market capitalization of $187 billion. Despite this downtrend, Ethereum whales, representing the largest holders of the cryptocurrency, remain unshaken, exhibiting their “diamond hands” by holding steadfast and even expanding their portfolios amidst the downturn.
#Ethereum is hovering above a critical demand zone. Keep a close watch, as a daily close below $1,530 could signal a steep correction ahead for $ETH. pic.twitter.com/5qLuXTXOtr
— Ali (@ali_charts) October 10, 2023
Ethereum Whale Movements
According to on-chain data provider Santiment, the wealthiest Ethereum addresses, both on exchanges and in private wallets, have been compounding their holdings. At this juncture, roughly 8.51% of all Ethereum ($ETH) finds its home on exchange platforms, while a formidable 39.22 million $ETH is held by the top 10 non-exchange addresses.
However, the trajectory has not been uniformly bearish. Ethereum’s market value, while currently hovering slightly above $1,570, has seen its share of the total crypto market capitalization diminish from 18.4% at the year’s inception to the present 17.8%. In contrast, Bitcoin’s market share has vaulted beyond the 50% threshold.
Adding to the tension in the Ethereum market, the Ethereum Foundation on Monday transitioned approximately $2.7 million worth of Ether into the USDC stablecoin, inducing further selling pressure on the second-largest cryptocurrency. Crypto analyst Ali Martinez suggests a pivotal sell-off might loom should levels dip below $1,530.
Concluding Thoughts
In a market defined by its volatility, the solidity of Ethereum whales seems to juxtapose the turbulent waters through which Ethereum sails currently. Their unwavering and even accumulative approach amid declines sparks considerations: is this a calculated gamble banking on a forthcoming surge, perhaps tethered to externalities like the forthcoming Ethereum Shanghai Upgrade, or a manifestation of steadfast belief in Ethereum’s long-term viability?
Investors should tread with caution and keep an acute eye on pivotal price points that might act as potential fulcrums for the market to sway in either direction. The resilience or potential reversal of Ethereum in the coming weeks will indeed present a fascinating case for analysts and investors alike, particularly in scrutinizing the strategy and endurance of the whales during these turbulent times.
