Ethereum whales dumped BRL 22 billion in ETH in the last five weeks
Ethereum whales have made a big sell move in the last five weeks, pouring 3.3 million ETH onto the market in this time frame.
According to blockchain data company santiationthe amount of ether sold was equivalent to US$ 4.2 billion (R$ 22 billion) in the cryptocurrency quote on Saturday (15), the day the analysis was made.
The sale of cryptocurrencies came from addresses held by Ethereum “sharks” and “whales” — investors who have 100 to 1 million ETH under management — between September and October.
In Santiment’s analysis, this dump came after a prolonged period of accumulation by this group of large investors, who collectively acquired 2.2 million ETH over eight weeks.
As feared by the community, the opposite move took place after the Merger — the upgrade in which Ethereum switched from consensus mechanism to adopting proof-of-stake (PoS) — which unlocked part of the ETH locked in staking on the Beacon Chain.Ether Accumulation and Dump by Major Investors in Recent Weeks (Source: Santiment)
Ethereum price effects
Apparently, this ether dump by sharks and whales has had a negative effect on the price of the cryptocurrency in recent weeks.
“The price of ETH vs. Bitcoin ebbed and flowed based on the behavior of these majors stakeholders”, tweeted Santiment, indicating that ETH lost 12.7% in the period in price correlation with bitcoin, the leading cryptocurrency in the market.
Data from this Monday (17) from CoinMarketCap also paint a more negative scenario for Ethereum than for the competitor. While bitcoin has lost 2.1% in the last 30 days, ether’s losses have reached 7.9% in the same period.
This afternoon, ETH is trading on exchanges at US$1,325 (about R$7,000), 72% lower than the record price of US$4,890 reached last November.