Ethereum Whales Sell 1.5% ETH, Price Falls 14%

Recent on-chain data reveals that Ethereum wallets with over 1,000 ETH have decreased their holdings by 1.5% of the total supply over the past eleven weeks.

Key Points

• Large Ethereum holders, often referred to as "whales", have been selling since December, reducing their combined supply below 75%, a seven-month low.
• In contrast, smaller investors holding less than 1 ETH have increased their holdings, now owning more than 2.3% of the supply, marking an all-time high.
• Mid-tier holders (1-1,000 ETH) have also seen growth, surpassing 23% of the supply for the first time since July, potentially due to staking activities.
• The ongoing distribution from large holders has coincided with a decline in Ethereum's price, currently trading around $1,950, down about 14% in the last week.

Comparative Asset Behavior

• Unlike Ethereum, top wallets of the memecoin Pepe have been accumulating significantly, purchasing 23.02 trillion PEPE in four months.
• Santiment notes that despite current bearish sentiment, coins with heavy accumulation may see future breakouts if Bitcoin experiences sustained bullish momentum.