Why Ethereum whales are on a selling spree
Ethereum (ETH) price continues to hover below the $2,000 psychological level with no directional bias in sight. As Bitcoin (BTC) price continues to move sideways, the threat of a further collapse intensifies, especially if the big crypto gives away the $30,000 support floor.
Ethereum (ETH) price remains at the whims of Bitcoin price due to the high correlation between the two. But other factors affect ETH, and investor activity is one of them. As seen in Santiment’s Supply Distribution chart, large investors – popularly known as whales – have been busy selling their Ether since the start of 2023.
Bitcoin wandering in the range
The cryptocurrency market lost another 0.5% of its capitalisation overnight, to 1.2 trillion. Most losses came on Wednesday afternoon, while capitalisation has risen since Thursday morning. Since last May, the market has failed to develop growth when it reaches levels above 1.22.
The main benchmark and psychological obstacle in this upward march is Bitcoin’s $30K level. It manages to go higher within local impulses for a while, but this only strengthens the local selling. Technically, Bitcoin never managed to break out of the narrow corridor, turning from decline to rise with the start of active trading on Thursday.
Shiba Inu price recovery is likely, on-chain metrics suggest
Shiba Inu has observed a surge in on-chain activity since the end of June, with a rise in demand for the meme coin among market participants. The token’s supply on exchanges has also declined considerably, signaling a potential upcoming trend reversal in Shiba Inu’s price.
Shiba Inu, the second largest meme coin in the crypto ecosystem, saw a considerable decline in its price since early June, when the US Securities and Exchange Commission’s (SEC), the country’s financial regulator, enforced its crackdown on crypto.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum Price Forecast: Whales increase buying pressure as developers set April 30 for Pectra mainnet upgrade
Ethereum (ETH) has seen immense buying from whales on Thursday following core developers fixing April 30 as a tentative date for the Pectra upgrade to go live on mainnet.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC stabilizes while ETH and XRP show weakness
Bitcoin (BTC) price stabilizes at around $87,000 on Friday, as its RSI indicates indecisiveness among traders.
Cronos, CRO, jumps as SEC drops investigation into Crypto.com
Cronos (CRO), the native token of crypto exchange Crypto.com, rallied more than 10% on Thursday after announcing that the Securities & Exchange Commission (SEC) has dropped its investigation into the company.
U.S. Government spotted moving 97 BTC and 884 ETH: Sell-off or Stockpile?
The U.S. government’s recent $10.23 million Bitcoin and Ethereum transfer has sparked speculation about potential liquidation or strategic accumulation under new policies.
Bitcoin: BTC stabilizes around $84,000 despite US SEC regularity clarity and Fed rate stability
Bitcoin price stabilizes around $84,000 at the time of writing on Friday after recovering nearly 2% so far this week. The recent announcement by the US SEC that Proof-of-Work mining rewards are not securities could boost BTC investors' confidence.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.