Bitcoin, which made a name for itself with the tremendous rise it experienced in 2023, is talking about the declines it has experienced these days.
While BTC is preparing to close with a red candle for the first time in 2023, the situation is no different in the largest altcoin Ethereum.
ETH also made a good start this year, closing the first four months in a row with a green candle, reaching $2,140 in April.
However, ETH, like Bitcoin, is preparing to close May with a red candle.
This downward trend in ETH is also reflected in the number of whales holding ETH.
At this point, Glassnode shared that the number of whale addresses holding more than 1,000 Ethereum reached 6,268, the lowest level in the last 10 months.
The previous low was 6,270 in November 2022, when FTX went bankrupt.
📉 #Ethereum $ETH Number of Addresses Holding 1k+ Coins just reached a 10-month low of 6,268
Previous 10-month low of 6,270 was observed on 02 November 2022
View metric:https://t.co/iDNXAbcjH1 pic.twitter.com/SNVGSIJR0j
— glassnode alerts (@glassnodealerts) May 31, 2023
Commenting on this Ethereum data from Glassnode, some analysts said that the decreasing number of whales holding ETH is typically a bearish sign.
The decrease in the number of large-scale investors called whales is also interpreted as a decrease in the expectation of these investors for the rise of Ethereum.
Such changes in the sentiments of key investors like whales often have a noticeable impact on the market, primarily because their transactions are large enough to affect the price of Ethereum. Such movements among whale investors can be attributed to a number of factors. It also shows that he may have made a profit after his previous rallies." said.
Ethereum, which fell to $ 1,857 with its sharp decline today, continues to be traded at $ 1,868.
*Not investment advice.
