What are Ethereum whales doing according to crypto analytics firms? Crypto research firm Santiment says that Ethereum (ETH) whales have not been deterred by bearish market prices.
Santiment says that whale and “shark” addresses holding between 100 and 100,000 ETH have increased their holdings by 3.5% over the past 12 days. The group of investors holds the largest percentage of Ethereum since July 2021.
ETH is trading at $1,208 at the time of writing. The second largest crypto asset by market capitalization is down 1.30% in the last 24 hours. It also remains more than 75% from its all-time high of $4,878, which it reached in November 2021. Santiment refers to the price of $1,200 as a “spiritual support level”.
Another crypto research firm, Glassnode, says that Ethereum’s balance on the exchange also hit a four-year low on Friday. This decrease may indicate a questionable confidence in the exchange rate after the FTX’s much publicized failure last week. Santiment says that the general effect of the crypto market now has a bearish eles, which can mean something really good for the digital space in particular.
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