- Ethereum whales remain steadfast in holding their ETH, while Bitcoin whales show stronger belief during market turbulence.
- Despite Ethereum’s price drop this week, the top 10 wallets keep accumulating ETH, demonstrating confidence in its long-term potential.
The cryptocurrency market has been experiencing turbulent times recently, with Bitcoin and Ethereum, the two leading cryptocurrencies, facing downward pressure. Amidst this uncertainty, crypto analysts have turned their attention to large holders’ behavior, often called “whales,” to gauge market sentiment and potential trends. Notably, Ethereum whales have shown remarkable resilience compared to their Bitcoin counterparts, holding onto their ETH investments despite the ongoing market challenges.
Crypto analyst Sunnydecree recently shared insights on the X app, highlighting a significant divergence in the behavior of Ethereum and Bitcoin whales. While both cryptocurrencies have been trading in the doldrums, Bitcoin whales have proven unwavering in their commitment, while Ethereum’s major holders have been more inclined to sell.
Ethereum whales are selling like there is no tomorrow. #Bitcoin whales keep hodling. pic.twitter.com/4ZL43AXyQJ
— sunnydecree (@sunnydecree) October 10, 2023
In this context, it’s worth recalling that Ethereum whales exhibited a similar pattern in 2018 during the crypto winter. Fast forward to the present, and we witness a similar trend emerging, indicating a contrast in the belief systems of these two prominent crypto communities.
Accumulation Continues: Top 10 Wallets Stocking Up on Ethereum
Despite small and medium-sized Ethereum whales reducing their holdings, data from the Santiment on-chain data agency reveals an intriguing trend. The top 10 Ethereum wallets associated with crypto exchanges and independent addresses have been accumulating ETH at an impressive rate.
As per the latest data, these top 10 wallets, including exchange and non-exchange addresses, hold a staggering 39.11 million ETH, equating to approximately 8.81% of the total Ethereum supply. This accumulation demonstrates a strong conviction in Ethereum’s long-term potential, even amid current market uncertainties.
🐳 #Ethereum's top 10 non-exchange and top 10 exchange addresses continue getting richer as its market value hovers just above $1,570. 8.51% of $ETH currently sits on exchanges, and the 10 largest wallets away from exchanges hold a whopping 39.22M of them. https://t.co/amJfQocMLc pic.twitter.com/MaqASFmzbX
— Santiment (@santimentfeed) October 11, 2023
Ethereum Whales Showcase Strength
Digging deeper into on-chain data, Ethereum whales exhibit considerable strength in their positions, defying strong selling pressures. The top 10 largest whale addresses have accumulated an astounding 40 million ETH recently, emphasizing their steadfast commitment to Ethereum’s future.
Approximately 8.51% of all Ethereum is currently held on exchange platforms, indicating a significant amount of ETH held in private wallets. This decentralized distribution speaks to the broader ethos of cryptocurrency, where individuals hold control over their assets.
Ethereum’s Market Share Shrinks While Bitcoin Dominates
Despite Ethereum whales’ unwavering stance, Ethereum’s overall market share has witnessed a decline in recent times. At the beginning of the year, Ether held approximately 18.4% of the total market capitalization in the $1 trillion cryptocurrency market. However, this share has dwindled to 17.8% as Ethereum’s market continues to experience downward pressure.
In contrast, Bitcoin’s market share has surged past the 50% mark, showcasing the enduring dominance of the pioneer cryptocurrency. These market dynamics underscore Ethereum’s challenges in maintaining its position as the leading altcoin.
On a separate note, the Ethereum Foundation sold approximately $2.7 million worth of Ether into the stablecoin USDC on Monday. This move has added additional selling pressure to the world’s second-largest cryptocurrency, intensifying concerns about further price declines. Crypto analyst Ali Martinez has raised caution, suggesting the possibility of a major sell-off if Ethereum breaches the $1,530 level, which remains a key support zone.
Ethereum’s price hovers just above the crucial support level of $1,550 at the time of writing. However, technical indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) have dipped below their respective mean levels of 50 and 0. This indicates a notable increase in bearish momentum and suggests investors should prepare for a potential retest of the next support level at $1,309.
