The world’s second-biggest crypto Ethereum is now trading below the $2,000 mark and the price seems to be lucrative. However, despite the dip in price, top Ethereum whales are sitting on the sidelines showing no interest to accumulate ETH.
Blockchain analytics firm Santiment released a video showing wallet addresses that hold more than 10,000 to one million ETH. A majority of the whale wallets have not purchased Ethereum despite the recent price dips. Ethereum has dropped nearly to its 12-months lowest levels but whales seem to not be interested in accumulating it.
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The Santiment video shows that more than 60% of whales have not purchased the dips on Ethereum. This is an indication that whales believe Ethereum has still not bottomed out and its price could slump further.
Whales usually make the most out of price slumps by adding more to their portfolio but things are different this time around. Even a price dip is not lucrative to the rich list suggesting that the bear market is here to stay.
Whales Give Ethereum A Miss Despite Price Drop
The crypto market started off on the backfoot this year as it crashed in January, February, April, and May. Top cryptos shed most of the profits it generated last year making investors’ portfolios go underwater.
Santiment has advised investors to be weary as even whales are reconsidering their investment portfolio on Ethereum. “We have to be weary that prices may go down a little further until whales decide it’s low enough to really make their move and buy into Ethereum again from all the weak hands that are basically dropping out and giving their funds back to exchanges.”
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According to Santiment, the lack of buying pressure indicates that the bear market will have a stronger hold in the coming months. “Right now, we’re kind of waiting to see some accumulation. But even though prices are dropping there isn’t really major accumulation happening as we’d expect.”
You can watch the full video below:
At press time, Ethereum was trading at $1,966 and is up 3.22% in the 24-hours day trade. However, the crypto is down 59.7% from its all-time high of $4,878 which it reached in November last year.