Bitcoin whales have shown to be more tenacious investors and supporters of their preferred cryptocurrency than Ethereum holders, according to crypto expert @sunnydecree, who posted the news on the X app (formerly known as Twitter).
Despite both of the top cryptocurrencies now trading at low levels, significant Ethereum holders, unlike BTC whales, are selling their ETH quickly. The graphic shows that when the crypto winter first began in 2018, ETH whales behaved similarly.
Ethereum price action vs. Bitcoin performance
The second-largest cryptocurrency, Ethereum, has lost 3.70% since the beginning of the week overall, even after the little price rebound that happened earlier today, falling from $1,634 to the $1,573 mark, where it is presently trading.
Ethereum is imitating the behaviour of market leader Bitcoin, which is currently trading at $27,164 after falling by 2.75% since Monday. The recent Stars Arena breach and the ongoing difficult geopolitical developments in the Middle East are to blame for the decline.
Ethereum might exhibit a sharp fall, according to cryptocurrency researcher Ali Martinez, if it closes each day above the $1,530 mark. ETH is now circling over a crucial demand zone.
Top 10 largest wallets stocking up on Ethereum
The 10 biggest nonexchange and exchange wallets are still adding to their Ethereum holdings despite tiny and medium-sized whales selling off their holdings.
The top 10 Ethereum wallets connected to cryptocurrency exchanges have 8.81% of the total Ethereum supply, according to statistics recently provided by the Santiment on-chain data agency, while the top 10 addresses not linked to exchanges hold a whopping 39.11 million ETH.
