Ethereum Whales dump $4.2B worth of ETH: Will it remain above $1,300?
Institutions have been steering away from Altcoins like SOL, ADA, XRP, and BNB of late. In fact, their diet has also been ETH deficient. As reported recently, Ethereum related outflows stood around 2.2 million the previous week. Read More: Institutions avoiding Ethereum, Solana, XRP: Alt-Season No-more? Leaving aside institutions, other large players have also been sailing in the same boat. A recent tweet from Santiment revealed that shark and whale addresses [HODLing 100 to 1 million ETH ] have dropped 3.3M ETH in just the past 5 weeks. Per the analytics platform, the same equates to roughly $4.2 billion in dumped tokens. Before this, however, the accumulation trend was on and the said addresses accumulated around 2.2 million Ethereum over a period of 8 weeks. As a result, the Ethereum to Bitcoin ratio had risen by 43%. With respect to the current trend, Santiment said, The asset’s price vs. Bitcoin has ebbed and flowed based on the behavior of these key stakeholder...