A leading blockchain analytics firm says the largest Ethereum whales on record are currently showing very little interest in accumulating ETH at current prices.
In a new video, Santiment says it’s keeping an eye on addresses holding 10,000 to one million ETH and notes that the investor cohort largely remains on the sidelines, even though the price of ETH has dropped to its lowest level in nearly 12 months.
“Whales, we can take a look at the 10,000 to one million Ethereum coin addresses to see exactly what the major key stakeholders are doing. I’ll put a grain of salt on this and say Ethereum’s tiers of whales have some gray area to them, and they’re never quite as predictive as Bitcoin [whales] from what we found. But we do see there are obvious plays like major accumulation after drops occur, dumping as prices rise as they’re taking profit.
Right now, we’re kind of waiting to see some accumulation, but even though prices are dropping there isn’t really major accumulation happening like we’d expect, like we saw last May about a year ago.”
According to Santiment, the lack of enthusiasm among top Ethereum whales amid a 60% ETH price drop paints a bearish picture for the leading smart contract platform.
“We have to be weary that prices may go down a little further until whales decide it’s low enough to really make their move and buy into Ethereum again from all the weak hands that are basically dropping out and giving their funds back to exchanges.”
At time of writing, ETH is changing hands for $1,817.
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