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Ethereum Whale and Shark Addresses Offload as ETH Price Struggles

Ethereum Whale and Shark Addresses Offload as ETH Price Struggles

Ethereum Whale and Shark Addresses Offload as ETH Price Struggles

Ethereum (ETH) shark and whale address holdings have declined by more than 3 million ETH over the past five weeks, suggesting larger holders are dumping, according to data from Sentiment. According to the blockchain analytics firm, $4.2 billion worth of Ethereum was dumped by sharks and whales.

Dumping has played a role in influencing the value of ETH versus Bitcoin over the period. Before the watering began, ETH whales and sharks collected 2.2 million ETH, increasing the ETH/BTC ratio by 43.3%. However, since the sell-off began over the past five weeks, the ETH/BTC ratio is down 12.7%.

Ethereum whales are accused of price manipulation

Earlier this month, a Crypto Quant analyst wrote that the whales are manipulating the market. According to the analyst, ETH whales sent their holdings to the exchange to boost the value of ETH and sell it at a higher price.

However, whatever price manipulation may have taken place is clearly not enough to affect the market in the long term. Recent selling activity from the whales and sharks appeared to be preventing the fortunes from recovering.

Ethereum Price Remains Steady as ETH Becomes Deflationary

Data available from ultrasound money shows that Ethereum has become deflationary for the first time since completing its migration to a proof-of-stake network. The deflation could be related to the launch of a new crypto project, XEN Crypto, which required minting and a brief spike in network activity.

According to the data, XEN Crypto alone is responsible for burning 3,527 ETH, which is more than double that of leading DeFi protocol Uniswap. At press time, 6850 ETH has achieved market hits since the merger.

If another proof-of-work consensus mechanism had been running on the asset, over 370,000 ETH would have been added.

ETH Price Prediction: Still Struggling to push more than $1,500

ETH price has struggled since the merger was completed. The asset’s value has fallen by more than 9% in the last 30 days. During this time, the price value of Ethereum increased from $1,600 to $1,386. 3.14% over the same period.

 

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