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March 7, 2022

Whales Loading Up on Ethereum Amidst Bleak Price Action

Despite the fact that the price of the worldā€™s second-largest cryptocurrency by market capitalization has been volatile in recent months, major Ethereum investors, known as whales, have continued to add coins to their holdings.

Many investors have sold their crypto assets in a panic as a result of the current fall in the crypto markets. Prices have fallen across the board as there is little prospect of a de-escalation of the situation between Russia and Ukraine.

Negative sentiment, on the other hand, often creates an opportunity for other investors to benefit, and Ethereum whales have been taking advantage of the uncertainty to accumulate tokens at a discount.

Source: Twitter

According to statistics given by on-chain behavior analytics company Santiment, Ethereumā€™s whale-tire addresses remain high despite the assetā€™s price dropping by more than 48 percent from November record highs.

In fact, these whales had acquired 2.2 percent more supply in the last six months. The unwavering interest from large Ethereum investors may be an indication of better days to come, providing the broader crypto market finds its footing.

At the time of writing, the price of ether was $2,616.60. Given the continuous complexity of geopolitical events, skyrocketing inflation, and an impending Fed rate hike, Ethereum and other cryptocurrencies may even fall in the short term.

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The bitcoin Fear & Greed Index, which monitors investor sentiment, has entered intenseĀ fearĀ area, signaling an increase in adverse sentiment.

The announcement that Andre Cronje, one of the most active engineers in decentralized finance (DeFi), was quitting the sector made the outlook even more bleak. Cryptocurrencies linked to Cronjeā€™s ventures, such as Fantom (FTM) and Yearn Finance, have dropped as much as 17% in the last 24 hours as the market reacted angrily to his unexpected exit.