Ethereum Whales Dumping ETH Hard: Report

Crypto analyst @sunnydecree has taken to the X app (formerly known as Twitter) to share the news that Bitcoin whales have proven to be harder holders and believers in their favorite crypto than Ethereum holders.

Despite both leading cryptos trading in the lows at the moment, unlike BTC whales, large Ethereum holders are selling their ETH hard. According to the chart, ETH whales did the same in 2018, when the crypto winter started.

Ethereum whales are selling like there is no tomorrow. #Bitcoin whales keep hodling. pic.twitter.com/4ZL43AXyQJ

— sunnydecree (@sunnydecree) October 10, 2023

Ethereum price action vs. Bitcoin performance

Overall, taking into account the small price recovery that occurred earlier today, since the start of the week, the second largest cryptocurrency, Ethereum, has lost 3.70%, dropping from $1,634 to the $1,573 level, where it is currently exchanging hands.

Ethereum is following the example of the marker leader Bitcoin, which has declined by 2.75% since Monday, now trading at $27,164. The drop took place due to the recent Stars Arena hack and the continuation of challenging geopolitical events in the Middle East.

Crypto analyst Ali Martinez expects Ethereum to demonstrate a steep correction if it shows a daily close above the $1,530 level. Currently, ETH is hovering above a critical demand zone.

Top 10 largest wallets stocking up on Ethereum

Despite small and medium-sized whales selling off their Ethereum holdings, the 10 largest nonexchange and exchange wallets continue to accumulate more and more Ethereum.

According to data recently shared by the Santiment on-chain data agency, the top 10 ETH wallets linked to crypto exchanges contain 8.81% of the entire Ethereum supply, while the 10 largest addresses not connected to exchanges hold a staggering stash of 39.11 million ETH.

🐳 #Ethereum’s top 10 non-exchange and top 10 exchange addresses continue getting richer as its market value hovers just above $1,570. 8.51% of $ETH currently sits on exchanges, and the 10 largest wallets away from exchanges hold a whopping 39.22M of them. https://t.co/amJfQocMLc pic.twitter.com/MaqASFmzbX

— Santiment (@santimentfeed) October 11, 2023

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