At a time when whale interest is waning, small investors are gaining traction in the Ethereum network. The decline in the market in recent days has also affected altcoins such as ETH.
After the decline in cryptocurrencies, Ethereum whales started to make significant sales. According to Lookonchain data, he sold 10,600 ETH worth $17.2 million at $1,622. Whale accepted a loss of $ 2.9 million with this transaction.
A whale dumped 10,600 $ETH($17.2M) at a price of $1,622 7 hrs ago, with a loss of $2.9M.
The whale traded a total of 18 tokens, and only 4 tokens were profitable, with a win rate of 22%.
He currently has a profit of $10.8M on $ETH, but lost $3.6M on $PDT and $1.3M on $MPL. pic.twitter.com/GzPl8WyHx6
— Lookonchain (@lookonchain) August 23, 2023
Interestingly, small investors are showing more interest in Ethereum as whales sell. According to on-chain tracker Glassnode, the number of Ethereum addresses with balances has reached an all-time high of 104,794,621.
The rise in the number of wallets with altcoins indicates that small investors are active. However, crypto exchange data points to a possible sell-off for ETH. The amount of ETH entering the exchanges reached the peak of the last 1 month with 9 million 630 thousand.
Falling gas fees point to a slowdown in Ethereum network activity and stagnation in the NFT market. Gas fees, which are shaped according to the law of supply and demand, can reach astronomical figures if the ETH network is dense.
Ethereum (ETH) Price
Except for stable-value cryptocurrencies, the market’s largest altcoin is trying to make up for its losses at the beginning of the week. ETH remains above the $1,629 support despite the recent sell-off.
As of now, $ETH finds buyers at the level of $ 1.678.
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