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Despite Ethereum’s (ETH) Correction, Whales Continue to Amass ETH at Record Rates

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.

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

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.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.