{"id":554840,"date":"2023-10-11T00:00:00","date_gmt":"2023-10-11T00:00:00","guid":{"rendered":"https:\/\/wncen.com\/?p=554840"},"modified":"2023-10-10T17:29:41","modified_gmt":"2023-10-10T17:29:41","slug":"ethereum-doomed-whales-sold-12m-eth-year","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-doomed-whales-sold-12m-eth-year\/","title":{"rendered":"Is Ethereum Doomed? Whales Have Sold 12M ETH In Past Year"},"content":{"rendered":"

On-chain data shows Ethereum whales have sold around 12 million in the cryptocurrency within the past year and have shown no signs of slowing down.<\/p>\n

Ethereum Whale Holdings Have Been In Constant Downtrend Since 2020<\/h2>\n

In a new post<\/a> on X, analyst James V. Straten has discussed how the Bitcoin and Ethereum whales<\/a> have shown some stark contrast in their behavior.<\/p>\n

Here is the chart that the analyst has shared, which compares the trends in the holdings of these humongous holders for the two assets over their entire history:<\/p>\n

\"Bitcoin<\/p>\n

How the holdings of the whales differ between the two cryptocurrencies | Source: @jimmyvs24 on X<\/a><\/pre>\n
For defining what a “whale” is, the analyst has chosen the 1,000 tokens cutoff for both assets. The graph shows that the holdings of the Bitcoin whales have been in an overall uptrend throughout the asset’s history.<\/p>\n
Some deviations have been from this upward trajectory, like during the 2021 bull run<\/a>, where these investors participated in some profit-taking. However, such deviations have only been temporary as the whales have eventually resumed their accumulation.<\/p>\n
Related Reading: Tether Continues To Flow Into Exchanges: Why This Is Bullish For Bitcoin<\/a><\/div>\n
However, a deviation that is yet to be reversed fully is the drawdown observed around the FTX collapse in November 2022. Nonetheless, the whales have participated in some accumulation since the start of the year; more is needed to retrace the aforementioned plunge.<\/p>\n
The Bitcoin whales have seen their holdings move sideways in the past couple of years. The Ethereum whales, on the other hand, have participated in a steep selloff during the same period.<\/p>\n
Since 2020, these holders have shed 20 million ETH from their combined holdings, worth about $31.6 billion at the current exchange rate. In the past year alone, they have sold about 12 million ETH ($18.9 billion), an astonishing figure.<\/p>\n
As highlighted in the graph, the Ethereum whales showed a temporary deviation phase when they bought at the bear market lows. Nevertheless, this accumulation was quickly reversed as the indicator resumed a sharp plunge soon after.<\/p>\n
Something worth noting here is that the size of the whales isn’t the same between the two assets. Due to the difference in the prices of the coins, 1,000 tokens of each have vastly different weightages. Based on this cutoff, Bitcoin whales would hold at least $27.4 million worth of the asset, while the ETH whales hold just $1.58 million.<\/p>\n
A more fair comparison may be made by looking at the holdings of the ETH entities of comparable size to the BTC whales. As displayed in the chart below, the Ethereum whales with between 10,000 to 100,000 ETH ($15.8 million to $158 million) have shown accumulation over the years. Still, this cohort has also sold massive amounts this year.<\/p>\n
\"Ethereum<\/p>\n
Looks like the value of the metric has sharply declined recently | Source: @jimmyvs24 on X<\/a><\/pre>\n
However, the mega whales on the network ($158 million+) have shown behavior more in line with the aggregate 1,000+ ETH group, as they have distributed heavily since 2020.<\/p>\n
Related Reading: $29,700 Could Be The Next Big Level To Claim For Bitcoin, Here\u2019s Why<\/a><\/div>\n
\"Ethereum<\/p>\n
These whales have been selling for a few years now | Source: @jimmyvs24 on X<\/a><\/pre>\n
Ethereum’s situation looks bleak, at least in terms of the holdings of the whales. The fact that these humongous holders have shown no signs of a turnaround so far may be the most concerning, as they lack interest in accumulating the asset. This differs greatly from the sentiment around the Bitcoin whales, who have been participating in net buying this year.<\/p>\n
ETH Price<\/h2>\n
Ethereum has registered some decline recently, as the coin’s price is now retesting the same lows as back in August.<\/p>\n
\"Ethereum<\/p>\n
ETH has been moving sideways over the past couple of months | Source: ETHUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Ethereum whales have sold around 12 million in the cryptocurrency within the past year and have shown no signs of slowing down. Ethereum Whale Holdings Have Been In Constant Downtrend Since 2020 In a new post on X, analyst James V. Straten has discussed how the Bitcoin and Ethereum whales have shown some stark contrast in their behavior. Here is the chart that the analyst has shared, which compares the trends in the holdings of these humongous holders for the two assets over their entire history: How the holdings of the whales differ between the two cryptocurrencies | Source: @jimmyvs24 on X For defining what a “whale” is, the analyst has chosen the 1,000 tokens cutoff for both assets. The graph shows that the holdings of the Bitcoin whales have been in an overall uptrend throughout the asset’s history. Some deviations have been from this upward trajectory, like during the 2021 bull run, where these investors participated in some profit-taking. However, such deviations have only been temporary as the whales have eventually resumed their accumulation. Related Reading: Tether Continues To Flow Into Exchanges: Why This Is Bullish For Bitcoin However, a deviation that is yet to be reversed fully is the drawdown observed around the FTX collapse in November 2022. Nonetheless, the whales have participated in some accumulation since the start of the year; more is needed to retrace the aforementioned plunge. The Bitcoin whales have seen their holdings move sideways in the past couple of years. The Ethereum whales, on the other hand, have participated in a steep selloff during the same period. Since 2020, these holders have shed 20 million ETH from their combined holdings, worth about $31.6 billion at the current exchange rate. In the past year alone, they have sold about 12 million ETH ($18.9 billion), an astonishing figure. As highlighted in the graph, the Ethereum whales showed a temporary deviation phase when they bought at the bear market lows. Nevertheless, this accumulation was quickly reversed as the indicator resumed a sharp plunge soon after. Something worth noting here is that the size of the whales isn’t the same between the two assets. Due to the difference in the prices of the coins, 1,000 tokens of each have vastly different weightages. Based on this cutoff, Bitcoin whales would hold at least $27.4 million worth of the asset, while the ETH whales hold just $1.58 million. A more fair comparison may be made by looking at the holdings of the ETH entities of comparable size to the BTC whales. As displayed in the chart below, the Ethereum whales with between 10,000 to 100,000 ETH ($15.8 million to $158 million) have shown accumulation over the years. Still, this cohort has also sold massive amounts this year. Looks like the value of the metric has sharply declined recently | Source: @jimmyvs24 on X However, the mega whales on the network ($158 million+) have shown behavior more in line with the aggregate 1,000+ ETH group, as they have distributed heavily since 2020. Related Reading: $29,700 Could Be The Next Big Level To Claim For Bitcoin, Here\u2019s Why These whales have been selling for a few years now | Source: @jimmyvs24 on X Ethereum’s situation looks bleak, at least in terms of the holdings of the whales. The fact that these humongous holders have shown no signs of a turnaround so far may be the most concerning, as they lack interest in accumulating the asset. This differs greatly from the sentiment around the Bitcoin whales, who have been participating in net buying this year. ETH Price Ethereum has registered some decline recently, as the coin’s price is now retesting the same lows as back in August. ETH has been moving sideways over the past couple of months | Source: ETHUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":554862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,88193,84086,8686],"class_list":["post-554840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-selling","tag-ethereum-whales","tag-ethusd"],"acf":[],"yoast_head":"\nIs Ethereum Doomed? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Ethereum Doomed? 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