A crypto analytics firm has claimed that Ethereum whales, also known as large holders of the cryptocurrency, have accumulated almost $690 million in ETH.
This information was reportedly obtained through an analysis of Ethereum’s on-chain data, which showed that the number of Ethereum addresses holding more than 1,000 ETH has increased significantly in recent months.
The crypto analytics firm believes that this accumulation of ETH by whales indicates that they are confident in the long-term prospects of the cryptocurrency.
This is because whales are known to hold onto their assets for extended periods of time, only selling when they believe the market is at its peak. As such, their accumulation of ETH could be seen as a bullish sign for the cryptocurrency.
It is worth noting, however, that the accumulation of ETH by whales does not necessarily mean that the broader market is also bullish on the cryptocurrency.
While their actions may provide some indication of the general sentiment among large holders, it is not necessarily reflective of the broader market.
As such, it is important to interpret this information with caution and consider other factors when making investment decisions.
Comments (No)