Ethereum whales have their eyes open, and with good reason too

• 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.