Ethereum Whales Holdings Movement Increases

Ethereum Whales Holdings Movement Increases

Bitfinex Alpha conducted a new On - Chain analysis in which it highlighted the movements that the whales of the Ethereum network are having towards the exchanges while they are waiting for the 'Merge'.

In the month of July, it was announced that the official date of the 'Fusion' would be next September 15, and until now it remains that way. As of the said announcement, Ether (ETH) adopted a bullish behavior reaching USD 2,000, however, it was not a rise that was maintained over time.

For this analysis, Bitfinex Alpha relied on crypto analytics company Santiment which conducted a cryptocurrency analysis reporting the gap between “the top 10 non-exchange-owned Ethereum addresses and the addresses of the exchanges that are shorting,” explained Bitfinex.

According to this study, in the last three months, the addresses of whales that do not belong to exchanges have decreased by up to 11% in their holdings.

So, now the addresses to exchanges are the ones that are having the most movement due to the large amounts of ETH that they are sending to the exchanges, increasing their number of movements to 78%.

Despite having 'The Merge' at the door, "the performance of risk assets and the dollar continues to determine the main path" expressed Bitfinex in its analysis. Until now, a direct correlation between the US dollar and digital assets continues to be visualized.

Long-term investor behavior

The holders still continue with an accumulating behavior in which crypto assets such as Ether (ETH) and Bitcoin (BTC) have had beneficial effects on their own addresses.

Regarding IntotheBlock, by August 25 of this year, long-term investors reached a new maximum of 12.92 million BTC.

Addresses between 1 and 10 BTC continue to make new highs, so far heading towards 750,000. And despite the market situation and its bearish behavior, holders continue to bet on crypto.

Created on 13th Sep 2022