Faced with the sharp drop in Bitcoin (BTC) and altcoins over the weekend, one category of investors was not scared: the whales. These took advantage of the stampede to massively amass ETH. Is this a good sign for the asset?
This weekend’s bloodshed saw Bitcoin Billionaire hit $ 10,000 , and altcoins unanimously plummet. ETH in particular suffered, abruptly losing 37 % of its value :
Ether ETH Ethereum drops in price
Its market cap exceeded 54 billion dollars on September 1, and it reached 36 billion dollars yesterday. On the morning of September 7, the price of ETH recovered slightly, and is currently showing $ 354 . However, this corresponds to a drop of -19.4% over the last seven days.
The whales hunt ETH in the midst of debacle
But as analyst Ali Martinez reports, this fall has attracted particularly greedy predators: the whales. The latter poured in as ETH plummeted :
“ The Santiment [Ether] holder distribution chart shows that as [ETH] was dropping, there was a spike in the number of addresses containing millions of dollars in ETH , commonly called whales. “
Over the past 3 days, nearly 70 whales have joined the network: they hold between 1,000 and 10,000 ETH
This of course shows the confidence of the “ big ” investors, who choose to source Ether when the price drops. The incredible breakthrough of DeFi and the rise in the price of BTC have both seen ETH soar since the start of the summer . Over the last twelve months, the price has taken + 103%. If the decentralized finance sector continues to consolidate, this will only confirm Ethereum’s place.