Research Shows Ethereum Whales Moved Millions of Ether in Recent Dip

Michael LaVere
  • Research from Santiment shows ethereum whales moves millions of ether in the lead up to Mar. 8's dip.
  • The largest non-exchange ETH accounts sold 400,000 ether over the course of five days.

A report from crypto research team Santiment shows whales profited millions from Ethereum’s dip on Mar. 8.

According to the report, whales were able to capitalize on market volatility early in the week, selling significant amounts of crypto in the lead up to Mar. 8’s dip in price for Ethereum. Santiment previously pointed out that the top 100 ETH holders have been accumulating higher percentages of the token supply, despite consolidation in the market. 

While ethereum holders appeared to be trending towards accumulation, the biggest non-exchange whales began offloading their ether early in the week, selling 400,000 ETH in five days. The largest exchange-based ethereum wallets started acquiring ethereum simultaneously, adding more than 350,000 ether to their collective holdings.

The report reads, 

In the case of ETH, whales have been moving their bags to exchanges leading up to and immediately after the market drop.

Santiment speculates that the dual action of whales could indicate the start of a “dumping season.”

The report concludes, 

In summation, there has been a number of high-profile transfers of ETH to exchanges in days leading up to and immediately after the latest market drop, as some whales look increasingly comfortable with cashing out on a few months of gains.

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