Ethereum whales have their eyes open, and with good reason too
The lack of large transactions does not necessarily imply disinterest. Instead, it suggests that whales are probably on the lookout for a better accumulation entry....
- The number of Ethereum (ETH) transactions worth over $100,000 has reached a new low in 2023.
- This suggests that traders and whales are not optimistic about the short-term prospects of ETH.
- However, Santiment believes that the lack of large transactions does not necessarily indicate disinterest, but rather patience from whales.
- Whales have been cashing in on their holdings and refraining from accumulating more.
- The number of addresses holding 10,000 to 10 million ETH has either remained stagnant or decreased since June.
- Traders' sentiment is bearish, as indicated by the negative funding rate for ETH.
- There is a possibility that the percentage of ETH holders in loss may increase if the value of the altcoin decreases.
- Short-term holders of ETH may need to wait for a relief period, while those who cannot tolerate further decline may face losses.
The sentiment surrounding Ethereum's short-term prospects is bearish, as indicated by the low number of large transactions, whales cashing in on their holdings, and the negative funding rate.