Rajarshi Mitra
Independent Analyst
- The number of ETH whales has reduced drastically in 2020 despite the currency’s surging prices and institutional adoption.
- Glassnode’s data indicates that unique addresses holding over 10,000 ETH dropped to just 1,050 on May 14.
- This number is a new low since January 2019, indicating a year of outflows from Ethereum.
Data from the analytical firm, Glassnode, suggests that Ethereum “whales” are reducing in number despite the cryptocurrency’s surging prices and institutional adoption. Recent Bitcoin halving saw BTC’s price move from sub-$5,000 in January 2020 to over $10,000. Many digital assets followed suit, with currencies like ETH and XRP posting over 50% gains.
Nevertheless, Glassnode’s data indicates that Bitcoin is the “flavor” for 2020. The seven-day average of the number of unique addresses holding over 10,000 ETH fell to just 1,050 on May 14. This number is a new low since January 2019, indicating a year of outflows from Ethereum.
In the same period, whale-linked Bitcoin addresses have increased significantly. The seven-day moving average of the number of addresses holding more than 10,000 Bitcoins rose to 111 at the end of April, which is the highest level since April 2019.
According to a CoinDesk report, Connor Abendschein, a crypto researcher, said:
Some ETH whales could have moved into BTC in anticipation of potential price appreciation in the top cryptocurrency due to the effects of the mining reward halving.
In March, Bitcoin’s price recovered from $3867 to $7000 in just five days. This could have been a reason for ETH whales to move to Bitcoin. Another possible reason could be the increased investor interest in the decentralized finance (DeFi) space.
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
Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin
Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts.
Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock
HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.
The reason behind Bonk’s 105% rise and if you should buy now Premium
Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?