2024-04-19 18:08:23
- Despite high unrealized losses, whales discovered accumulating ETH
- ETH supply held by non-exchange addresses has increased in recent weeks
Ethereum [ETH] The price corrected sharply during the early trading hours in Asia on Friday due to escalating tensions between Israel and Iran. Although it has recovered to be valued at over $3,000 at press time, the second largest cryptocurrency has been largely in the red for the past week. In fact, it lost more than 12% of its valuation, according to CoinMarketCap
. ETH profitability is falling
The decline contributed to a decline in the network’s net unrealized profit. AMBCrypto investigated the same using Glassnode data and found that the number of profitable ETH holders dropped drastically.
When faced with such risks to their portfolios, many participants begin to capitulate, leading to panic selling. However, the actions of one whale investor in particular sparked market interest.
The untouched whale continues his shopping spree
According to the chain tracking platform Point to the chain, a “giant” whale accumulates ETH despite unrealized losses. The risk-tolerant investor earned 41,358 ETH over the past five days, valued at around $128 million at current prices.
In total, the whale now owns a whopping 117,268 ETH coins, which if sold would result in a loss of approximately $20 million.
However, the pattern of accumulation was not limited to the aforementioned whale. AMBCrypto dug deeper using Santiment data and noticed a steady increase in ETH supply held by non-exchange addresses.
These HODLing trends are a sign of confidence in the ETH price for the long term. These addresses can expect ETH to recover and recover well.
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What can you expect next time?
At the time of writing, the Ethereum market was in a neutral state, according to the latest measurements from Ethereum Fear and Greed Index. This meant a balanced market sentiment without a strong bias towards buying and selling.
The halving is expected to have ripple effects in the wider market, including ETH. After the last halving in 2020, ETH’s trajectory mirrored that of BTC, with both leading assets reaching new highs the following year.
This is an automatic translation of our English version.
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