According to new data presented by Glassnode, crypto investors are rushing to buy Ethereum in the current market drop. With the ETH price dropping to an average of $1,200, the number of non-zero wallets and wallets holding more than 0.01 ETH reached historic highs with 83,595,439 and 23,432,551 addresses, respectively. Considering this gap in the number of addresses between the two groups examined, it can be stated that Ethereum is a highly demanded asset among small crypto investors.
Glassnode says in the tweet he shared;
"#Ethereum $ETH Number of Non-Zero Addresses just reached an ATH of 83,595,439"
However, according to another crypto-analytical agency Santiment, at the same time, ETH is achieving the highest profit-taking rate since April 2022, which tells us that while small wallets are actively buying Ethereum, the larger one is profitably fixing their positions. can tell.
Santiment is seeing massive amounts of tokens such as around 220,000 ETH being moved to exchanges in line with the massive profits from their ETH positions. According to the agency, this represents the largest daily entry of Ethereum since August 2021.
"#Ethereum saw a net of over 220k coins moving on to exchanges yesterday, the highest daily amount in 11 months. And thus far today, we're seeing the largest of $ETH profit taking vs. loss transactions since April. Be cautious in these conditions."
Therefore, it can be assumed that someone with large positions has been constantly fixing profits and providing more ETH to exchanges in the last days, while small wallets are actively buying this supply. In addition to the advice to be cautious with purchases in such a volatile market, it is also useful to consider the price levels at which major players will restore Ethereum wallets.