Connect with us
Active Currencies 12913
Market Cap $2,254,695,116,462.70
Bitcoin Share 49.68%
24h Market Cap Change $0.91

ETH whales decreased their holdings prior to Merge- Here’s why

2min Read

Share this article



In the last three months leading up to the final transition of the Ethereum mainnet network into a proof-of-stake consensus mechanism, data from Santiment revealed a disparity in the ETH holding behavior of whales on the network.

According to the on-chain analytics platform, the count of ETH whales that hold between 1000 to 10,000 ETH coins increased by 2% in the last 90 days. For wallet addresses with 10,000 to 100,000 ETH coins, this category of whales rose by 1% within the same period.

Interestingly, the larger whales on the network gradually let go of their ETH holdings within the 90-day period under review.

According to Santiment, the index of ETH addresses holding between 100,000 to 1,000,000 fell by 4% in the last three months.

After rising to a high of seven wallet addresses in July, the count of addresses that hold between 1,000,000 to 10,000,000 ETH coins fell by 14% at press time. 


Source: Santiment

Wait, there is more

According to data from IntoTheBlock, ETH large holders slowed asset accumulation in the last three months. Large holders are holders of at least 0.1% of the circulating supply of a crypto asset. 

Large holders netflow of a crypto asset is a metric that describes the change in the positions of whales and investors holding over 0.1% of the asset’s supply.

When this metric sees a spike, it means that this category of holders has taken to accumulation. Conversely, a decline is an indication of “reduced positions and selling.”

In the last 90 days, data from IntoTheBlock revealed a 281.60% decline in ETH large holders netflow. However, due to the Merge, this category of investors significantly accumulated ETH in the last seven days as this metric went by 819.58% within that period.

Source: IntoTheBlock

ETH looks the other way

While a few Ethereum-linked assets logged significant gains post-Merge, the price of the leading altcoin only rallied by 2% moments after the Merge.

Following the rally, the price of ETH plummeted by 10%, 24 hours later, data from CoinMarketCap revealed. 

Moreover, in the last day, the total liquidations across the general cryptocurrency market were pegged at $215.22 million, according to data from Coinglass.

With $128.80 million taken out of the ETH market within the same period, ETH liquidations accounted for 67% of the total funds taken out of the entire market in the last 24 hours.

Source: Coinglass


Share

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.