According to a major blockchain analysis company, the largest Ethereum whale on record is currently showing little interest in accumulating ETH at current prices.
In a new video, Santiment said it is focusing on addresses holding 10,000 to 1 million ETH, despite the fact that ETH prices have fallen to their lowest levels in almost 12 months, the investor cohort said. He states that he remains almost on the sidelines.
“Whales, we can look at the 10,000 to 1 million Ethereum coin addresses to see exactly what the major key stakeholders are doing. Add a grain of salt to this. He says that the Ethereum whale layer has a gray area, which is not as predictive as Bitcoin. [whales] From what we found. However, it is certain that there is a clear play, such as a large accumulation after the drop occurs, dumping as the price rises due to profits.
We are currently waiting for some buildup, but despite the decline in prices, as we saw in May last year, we are not seeing as much buildup as expected. “
According to Santiment, the lack of enthusiasm for the top Ethereum whales in the 60% ETH price cut portrays the bearish situation of major smart contract platforms.
“Until the whale decides it’s low enough to buy back into Ethereum from all the weak hands that the whale actually took action and basically dropped out and returned money to the exchange, the price was You have to be fed up with the possibility of going down a bit. “
At the time of writing this, ETH is changing hands for $ 1,817.
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Featured images: Shutterstock / Alberto Andrei Rosu / Andy Chipus / Vladimir Sazonov
