Ethereum Whales Selling Like There is No Tomorrow: Report

Vignesh Karunanidhi
Ethereum Whales Selling Like There is No Tomorrow: Report
Source: Bitcoinist

According to crypto analyst sunnydecree, Bitcoin whales have proven to be more resolute holders of their preferred crypto asset compared to Ethereum whales recently.

Despite Bitcoin and Ethereum both trading in the red, the analyst pointed out that large Ethereum holders have been aggressively selling their ETH stacks in a way Bitcoin whales have not.

Data shows ETH whales accumulating more

Santiment data affirms this divergence, with top Ethereum addresses and exchanges accumulating more ETH while Bitcoin whales hold steady.

Around 8.5% of the total ETH supply sits on exchanges currently. Meanwhile, Bitcoin’s exchange reserves are hovering near multi-year lows.

Also read: Shiba Inu Records Staggering 4.48 Trillion SHIB in Transaction Volume

The firmer hands of Bitcoin whales reflect longer-term conviction even amid bearish conditions. Ethereum holders appear more inclined to sell or rotate into other assets when prices falter.

This highlights a relative drop in confidence among ETH mega-holders compared to stalwart Bitcoiners with a more inelastic supply.

Nonetheless, Ethereum whales rotating ETH around may simply signal jockeying for position before a bull run by impatient traders. The strongest holders from both camps seem poised to stack more during this period of discounted prices. But the data shows Bitcoin whales boasting the deeper reserves of patience and commitment that form the bedrock for durable, long-term stores of value.