Large whales that own more than 10,000 Ethereum (ETH) are selling coins en masse, according to recent on-chain data from Glassnode. Whales can have a major impact on the ETH price and may be one of the drivers for the price drop in recent weeks.
Big whales, each holding more than 10,000 Ethereum (ETH), have been selling their coins en masse, as evidenced by Glassnode’s recent on-chain data. These whales can have a significant impact on ETH’s price, and may be one of the main drivers behind the recent price drop over the past few weeks.
Big whales have been selling ETH for 6 months in a row
The on-chain data clearly shows that the number of whales, each holding more than 10,000 ETH, has steadily declined over the past 6 months. At the current price, these whales are collectively worth more than $18 million in Ethereum.
Looking back to the end of February, there were about 1,215 of these large whales active on the market, but that number dropped six months later to 1,116 addresses with 10,000 ETH each. Particularly noteworthy is the acceleration of this decline in recent weeks. This trend suggests that Ethereum sales by whales intensified in July, which may be a driving force behind the recent price drop in the market.