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.

EMAIL NEWSLETTER

Join to get the flipside of crypto

newsletter-icon

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

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

    Author
    Milko Trajcevski

    Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia