Ethereum (ETH), like most of the crypto market, suffered a major decline as U.S. Tax concerns and China’s increasingly rigid stance on mining ignited another market sell-off.
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The sell-off saw ETH lose more than 15% of its value on Tuesday, November 16th, resulting in ETH trading at as low as $4,144, its lowest price since October 28th. With the market now stabilizing, Ethereum is trading at $4160.90, at the time of writing.
The five day price chart for Ethereum (ETH). Source: Tradingview
Despite Ethereum’s faltering prices, whales have continued to grow their stakes in Ethereum (ETH).
According to on-chain data, the top 10 Ethereum addresses (not held on exchanges) have increased their holdings, while the levels of the addresses of whales who hold their ETH on exchanges have declined.
On the Flipside
- Despite Ethereum’s current wane in form, former Goldman Sachs hedge fund manager Raoul Pal remains very bullish about Ethereum.
- According to Raoul Pal, ETH could rally by as much as 300% before the end of 2021, as the SEC may potentially approve an Ethereum Futures ETF.
According to on-chain data provider Santiment, off-exchange whale addresses now hold a record 5.16x the amount of ETH held on exchanges.
Why You Should Care
The moves being made by Ethereum whales shows their belief in Ethereum’s prospects. This is a good sign for the price of Ethereum (ETH) going forward.