According to the crypto analytics company Santiment, adverse price movement in the market hasn’t discouraged Ethereum (ETH) whales.
Santiment points out that in the last 12 days, whale and “shark” addresses that possess between 100 and 100,000 ETH have boosted their holdings by 3.5%.
Since July 2021, the fraction of Ethereum’s supply held by the investor cohorts has increased.
At the time of writing, the price of ETH is $1,208. The market cap of the second-placed cryptocurrency has decreased by 1.30% over the last day. Additionally, it has dropped more than 75% from the $4,878 all-time high it reached in November 2021.
The $1,200 pricing point is referred to by Santiment as a “psychological support level.”
Glassnode, a different cryptocurrency analytics company, reports that Ethereum’s exchange balance also fell to a four-year low on Friday. This fall may indicate waning confidence in centralized exchanges in the wake of FTX’s prominent collapse last week.
According to Santiment, there is now a bearish tilt in the cryptocurrency market’s overall attitude, which may be advantageous for the digital asset market.
😒 The crowd #FUD is real as markets wrap up the work week. Conversations relating to current market conditions on #Twitter, #Reddit, #Discord, and #Telegram indicate a major #bearish bias. This historically increases the probability of future price rises. https://t.co/aa8DN24FRc pic.twitter.com/AYPA4eUiCB
— Santiment (@santimentfeed) November 18, 2022
