ETH Whales

Whales add $1 Billion on $ETH in a single day: Is it good news for the market?

  • Whales and sharks have been accumulating by 3.5% in the last 12 days.
  • A total of 947,940 tokens were added, totaling $1 Billion.
  • Ethereum is now 75% low from its all-time high of $4,800.

Tides are seemingly calm after the crypto market storm that erupted from the FTX collapse. A tsunami that emerged then engulfed the whole market, initiated a possible contagion risk, and pushed almost every other asset to its lower bands. Almost after a fortnight, the whales on Ethereum ($ETH) network have added over $1 billion to the world’s second-largest entity by market capitalization.

Per the on-chain analytics firm Santiment, whales with 10,000 and 1,000,000 units of $ETH have added 947,940 tokens to their wallets in a single day; the whole accumulation of coins is around $1 billion in the last 24 hours alone. 

The whales and sharks of the network, with 100 and 100,000 $ETH, have been increasing their holdings by over 3.5% in the last 12 days. They are now at the largest holding point of cryptocurrency since July 2021.

Ethereum now trades at $1,200.9, with a 3.09% increase in the last 24 hours. The second largest coin was trading at $12.50 last week, which is a far cry from its all-time high of $4,800 achieved in November 2021; right now, the price is down by 75%. 

Although the entity behind the FTX hack sold all of the hacked Ethereum on the market to buy renBTC, a tokenized version of Bitcoin on other blockchains, investors and users can be seen pulling out assets from the market in the wake of FTX saga, where the now bankrupt exchange is alleged to have used customers funds elsewhere and was unable to repay them at the time of influx in withdrawals, eventually pushing them to the brink of filing bankruptcy, with many allegations and cases in pursuit.

Crypto Globe reported that October was a terrific month for Ethereum. Even during challenging times like that and ever-challenging macroeconomics, the currency soared by 18.4% after several positive developments in cryptocurrency. 

As per the Crypto Compares latest asset report, Ethereum rose by 18.4% in October, Bitcoin rose by 5.49%, the S&P index rose by 5.26%, and NASDAQ by 1.56%.  

Things are positively recovering from the debacle. The distrust caused will be back with rules and regulations by governments worldwide ensuring investors’ interest. However, this government intervention might rob the cryptocurrency market of its core of decentralization.



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