Crypto analytics firm Santiment claims that Ethereum (ETH) whales haven’t been deterred by the market’s bearish price action.
Santiment notes that whale and “shark” addresses holding between 100 and 100,000 ETH have increased their holdings by 3.5% in the past 12 days.
The investor cohorts now hold their largest percentage of Ethereum’s supply since July 2021.
ETH is trading at $1,208 at time of writing. The second-ranked crypto asset by market cap is down 1.30% in the past 24 hours. It also remains more than 75% down from its all-time high of $4,878, which it hit in November 2021.
Santiment refers to the $1,200 price point as a “psychological support level.”
Another crypto analytics firm, Glassnode, notes that Ethereum’s balance on exchanges also hit a four-year low on Friday. That decline could point to wavering trust in centralized exchanges following FTX’s high-profile collapse last week.
Santiment says the overall crypto market sentiment currently has a bearish bias, 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.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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