According to data provided by on-chain analytics firms, the Ethereum withdrawal rate from exchanges has reached the bottom of the last 14 months. Meanwhile, whales are attacking Cardano due to the approaching Vasil hard fork. The latest developments in the altcoin market are under the spotlight…
Ethereum investors hold ETH on exchanges
Glassnode Alerts reveals on Twitter today that weekly Ethereum exits from exchanges have reached 14-month lows of just 2,396,131. The reason for the low shots is unclear for now. However, “low withdrawals or high supply from exchanges often indicate investors’ desire to sell”. Investors may be planning to sell for a profit if they are preparing for a price increase or further decline in the short term and cutting their losses.
According to the report, investors moved 220,000 ETH to the exchanges, the highest entry since August 2021. Notably, Ethereum surged over 12% after this accumulation and surged above the $1,200 price point. It is worth noting that the excitement in the Ethereum community is rising as the long-awaited “merge” approaches. Last week, Ethereum migrated to the PoS Beacon chain with the Gray Glacier upgrade. Also, merge Sepolia has arrived on the testnet. As a result, there is only one test phase left to reach the mainnet. Similarly, Cardano is seeing increased investor activity due to the upcoming Vasil hard fork.
Altcoin whales prepare for Vasil rise, stockpile around 80 million ADA
As we have included in the analysis of Kriptokoin.com, the price of Cardano has been moving sideways between $ 0.45 – $0.53 for about a month. Because of this, investors have shifted their focus away from the ADA price. However, during these times, whales did not choose to sell ADA. Big Cardano investors are accumulating ADA fast before Vasil hard fork.
According to data from Santiment, whales holding between 10,000 and 100,000 ADA have increased their holdings. Conversely, whales holding 100,000-10 million ADA sold their holdings or stopped purchases.
ADA sharks, which hold about 14.32% of the supply, have accumulated about 80 million ADA in the last 30 days. The current backlog is linked to the upcoming Vasil Hard Fork. Therefore, whales also seem to be holding ADA due to the possibility of an upcoming uptrend.
On the other hand, the altcoin price continues to drop for the second consecutive day. However, trading activity increased by more than 10%. The horizontal trend continued within a descending triangle, but did not create any significant buying momentum over the weekend. However, a significant recovery seems to be predetermined. As a result, a significant uptrend can be expected as Vasil can create a large upward momentum in the future. As Kriptokoin.com, we have prepared a detailed article about Vasil hard fork.
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