Ethereum Whales Shift Holdings: $813 Million ETH on the Move – Is a Correction Coming?
Are Ethereum whales signaling a major market shift? Recent data reveals significant movement of ETH holdings, sparking debate about a potential price correction. While some reports indicate Ethereum sees over 150K ETH moved by whales as accumulation hits record highs amid strong price momentum and rising inflows, others highlight substantial offloading.
The narrative of massive whale offloading is gaining traction. A recent report states, "Ethereum recorded over The narrative of massive whale offloading, with approximately 56,000 ETH moved to exchanges, has sparked concerns over a potential correction for Ethereum ahead." This influx of ETH onto exchanges often precedes sell-offs, raising anxieties among investors.
Whale Alert, the renowned cryptocurrency tracker, has been actively monitoring these large transactions, noting, "Whale Alert cryptocurrency tracker that traces large transactions of digital currencies has noticed that several transfers of Ethereum made over the last 24 hours with small breaks between." These frequent, large transfers suggest a coordinated effort to reposition ETH holdings.
Digging deeper into the data reveals interesting trends. "Within seven days leading up to December 18, Ethereum whales holding between 1,0,000 ETH collectively reduced their holdings from 13.47 million ETH to" indicates a strategic reduction in holdings by some of the largest ETH holders. This behavior contrasts sharply with reports of accumulation from other whale segments.
Adding another layer of intrigue, reports of dormant whales awakening are surfacing. "A dormant Ethereum whale has reawakened after eight years, selling 3,367.5 ETH for $101.6 million, indicating a potential shift in the cryptocurrency market." Such long-dormant wallets suddenly becoming active often signals major market anticipation or repositioning.
The scale of these movements is considerable. "According to BlockBeats, a Ethereum\'s price has stagnated around $1,700, prompting whales to sell 1.19 million ETH worth $1.8 billion over the past 72 hours." This large volume of ETH being sold is undoubtedly putting pressure on the price.
So, is a correction imminent? Indicators like "A -29% MVRV Long/Short" suggest the possibility of short-term downward pressure. However, the overall market sentiment and adoption of Ethereum will ultimately determine its long-term trajectory. Stay informed and exercise caution when making investment decisions.