Rajarshi Mitra
Independent Analyst
- The top 100 Ethereum non-exchange addresses, aka whales, now hold 27.85M ETH combined.
- The total value locked up in DeFi contracts has jumped from $6.30B to $9.56B over the last 24 hours.
It looks like Ethereum whales are on the move. Santiment, the cryptocurrency behavior analytics platform, noted that the top 100 Ethereum non-exchange addresses, aka whales, now hold 27.85M ETH combined.
That’s a pretty steep rise from two months ago when these addresses held around 21.74M. It looks like they are making the most of low prices to consolidate their position. However, what exactly are they doing with their holdings?
Let’s look at the token velocity.
It looks like there has been a sharp dip in velocity since this Tuesday. Since velocity and token movement are directly related to each other, this means that instead of buying and selling ETH for short-term gains, the bulls are hoarding their ETH and either storing them in their wallets or staking them in DeFi contracts.
DeFi TVL
As you can see, there has been a sharp increase in the total value locked (TVL) in DeFi smart contracts. The value locked has jumped from $6.30B to $9.56B over the last 24 hours.
Over the last 24 hours, three protocols have seen a marked rise in TVL – Synthetix, SushiSwap and Aave (LEND).
ETH/USD daily chart
-637364218519728414.png)
Despite the whale’s actions, the short-term price outlook remains bearish. As previously reported, ETH has charted a head-and-shoulders pattern, which will trigger a further bearish movement. The price will break below the $337 support level and fall to the $320 line. The MACD shows increasing bearish momentum, which will further help the sellers.
Key levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Uniswap nears $3 billion in daily trading volume despite Wells notice and fee hike
Uniswap's (UNI) price witnessed a double-fold crash in the past week after it received a Wells notice from the SEC and later due to the general crypto market crash over the weekend. In the past week, UNI has decreased more than 38%.
Arbitrum Price Prediction: 10% losses likely for holders ahead of $107 million worth of cliff token unlocks
Token unlocks are considered bearish catalysts, particularly when recipients are likely to cash in for a quick profit. The event, which adds tokens to the project’s circulating supply without increasing demand, leaves an effective imbalance in favor of supply.
Ethereum recovers from dip as Hong Kong ETH ETF approval sparks whale buying spree
Ethereum's (ETH) price slightly improved on Monday after Hong Kong approved applications for a spot Bitcoin and Ethereum ETF. Whales have also been accumulating ETH after the market dip over the weekend.
Bitcoin price delays pre-halving rally as US and China battle for BTC supremacy ahead of halving
Bitcoin has failed to showcase an enticing pre-halving rally. As the event remains less than a week out, traders and investors remain at the edge of their seats, with thoughts on whether the impact of the fourth cycle will be different than what has been seen before.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.