Crypto analytics firm Santiment claims that Ethereum (ETH) whales have not been discouraged by bearish market price action. Santiment notes that whale and “shark” addresses holding between 100 and 100,000 ETH increased their holdings by 3.5% over the past 12 days. Investor cohorts now hold the highest percentage of Ethereum supply since July 2021.
At the time of writing, the price of ETH is $1208. The market cap of the second-placed cryptocurrency has decreased by 1.30% over the last day. It is still more than 75% behind the $4,878 all-time high reached in November 2021. The $1,200 is referred to as a “psychological support level” by Santiment.
Another crypto analytics firm, Glassnode, notes that Ethereum balances on exchanges also hit a four-year low on Friday. This decline may indicate waning confidence in centralized exchanges following last week’s high-profile FTX crash.
Santiment says that overall crypto market sentiment is currently bearish, which could bode well for the digital asset space. “The FUD [fear, uncertainty, doubt] crowd is real as markets close the business week. Conversations on Twitter, Reddit, Discord, and Telegram on current market conditions indicate a clear bearish bias. This historically increases the likelihood of future price increases.