Ethereum whales sold $4 billion in five weeks
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been subject to heightened criticism from its main stakeholders over the last five weeks, while the rest of the cryptocurrency market continues to move in a negative trend.
In particular, Ethereum’s shark and whale addresses, defined as those holding between 100 and 1 million ETH, have dumped 3.3 million ETH over the previous five weeks, according to a tweet published on October 16 by the on-chain market information platform Santiment.
In other words, more than $4.3 billion in Ethereum has been dumped by whale and shark addresses during the last five weeks, based on the current price of the decentralized finance (DeFi) commodity.
Typically, the dramatic activity of a token’s major investors has enormous repercussions. In fact, the price of Ethereum has declined by more than 26%, from $1,773 on September 10 to $1,310 on October 17. This is a reduction from $1,773 on September 10 to $1,310 on October 17.
Additionally, Santiment observed: The price of the asset relative to Bitcoin has fluctuated depending on the actions of these important players.
The ratio between Ethereum and Bitcoin (BTC) fell by 12.7% as whales and sharks combined dumped 3.3 million ETH. Previously, while these addresses were in accumulation mode, the ETH/BTC ratio increased by 43.4% during an eight-week period.
According to statistics obtained from CoinMarketCap on October 17, Ethereum was trading at $1,310 at press time, an increase of 1.87% over the prior 24 hours and 0.23% over the previous week. It had a market capitalization of $160.62 billion.
Finbold said that Ethereum has added around 90,000 unique addresses every day since its Merge update, which marked the network’s switch from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) validation method.