ETH billionaire whales hit new all-time high holdings after adding 3.5 million coins since Sep. 11
Ethereum (ETH) whale investors continue to hoard the second largest cryptocurrency by market cap. data from sentiment shows that since September 11, addresses holding a million or more ETH in Ethereum whale addresses have collectively added 3.5 million more coins.
The addition marks an increase of 14% to the ETH holdings of the billionaire whales during the period since the Merge. It also pushes the cumulative holdings of 132 or so wallets that fall in this cohort to an all-time high balance of 28.55 million ETH — worth approximately $36 billion at the time of writing.
In contrast, ETH Sharks and Whales – the group of investors below billionaire whales who hold between 100 and 1 million ETH tokens – are selling their ETH holdings as of the past. Sentiment data. especially, redistribution trend started Immediately after the migration to use the proof-of-stake consensus mechanism of the Ethereum blockchain as per the previous
ETH market continues to be dominated by bearish sentiments
Despite the telling whale activity and new blockchain dynamics introduced by the Merge, the price of ETH has continued to trade largely in the red. ETH is down about 6.21% in the last month, according to data from CoinMarketCap. On the day, the token is changing hands at around $1,270, down 1.9%, at the time of writing.
However, analysts looking on the bright side have noted that the price of ETH will be boosted when whales return to the currently active accumulation. Similarly, they have did not vote That bullish signals persist in the performance of the network, which is at a one-month high.
