Ethereum (ETH) whale addresses holding 10K to 100K tokens started Ethereum sales on December 21.
Ethereum sales started
Ethereum (ETH) whale addresses holding 10K to 100K tokens are reducing their balances amid the overall bear market as the cumulative balance of 880,000 ETH worth $1.04 billion is left within 8 days. The distribution was announced last Wednesday. Experienced analyst Ali recently highlighted the development. “Ethereum whales holding $10,000 to $100,000 ETH have sold or redistributed approximately 880,000 ETH since December 2022,” Ali said, sharing a Santiment chart to support his claim.
The chart reveals that the cumulative balance of ETH whales holding 10K to 100K tokens has dropped drastically. The decline started on December 21 when ETH consolidated between $1,206 and $1,218 after falling to $1,165. The combined balance of these whale addresses is down from 31.2 million tokens on December 21 to 30.32 million in current value, marking a drop of 880 thousand ETH. Investors are trying to surrender and save everything they can. Also, such a large drop usually indicates a selling wave, especially at the lowest points of the bear market. In turn, it may also indicate a desire to redistribute assets by transferring some tokens to other addresses.
Whales gravitate towards these coins
A leading crypto analytics firm says whales are accumulating Cardano (ADA) and Litecoin (LTC) quickly. Santiment says Cardano is probably undervalued given how many whales and sharks it’s taken over. Santiment company said in a statement:
“Is Cardano seriously undervalued at this point? One of Santimentfeed’s key community members certainly sees this as evidenced by the data that has aggressively accumulated over the past six weeks, such as sharks and whales (with 100,000 to 10 million ADA).
According to Santiment, there is a discrepancy between the price of ADA and the accumulation volume. Instantly, ADA is available at $0.247. This indicates a bullish sentiment. According to the company, a volume difference on the daily chart could signal an upward move. Litecoin’s Santiment analysis found that the price ratio of the Bitcoin (BTC) alternative is still increasing against the king asset. Bitcoin versus price ratio is the amount of Litecoin needed to buy one Bitcoin. cryptocoin.com As we mentioned, Litecoin is currently trading at $66.17. The rate increase coincides with the increase in large owners and addresses. The company used the following statements in its statement:
“Litecoin’s price ratio against Bitcoin continues to be high as major addresses start to emerge at historical rates from May. Since June 12, the LTC / BTC price ratio has increased by plus -130%. The network reached more than 1,000 LTC addresses in two years.”