New chain data reveals that some of the world's largest holders of ETH are selling as the weekend comes in. According to WhaleStats data, whales are selling to avoid a potentially massive downside move in the coming days. As of today, Whales has collectively sold $783 million on ETH.
The same whales that made these sales bought $2 billion worth of stablecoin USD Coin (USDC), $283 million worth of Binance USD (BUSD), and $122 million worth of Tether (USDT). The movements experienced have been following similar moves in recent weeks. A number of whales apparently fear low volume and the potential for a bearish weekend.
Meanwhile, Ethereum-based altcoins with low market caps have started to receive cash inflows in the last 24 hours. Although it is not small in terms of market capitalization, large amounts of entries continue to ApeCoin, an Ethereum-based altcoin. Another altcoin that recorded positive entries was Yearn Finance (YFI), which was at $16,698 at the time of publication.
According to data shared by crypto analytics firm Santiment, both Ethereum and Bitcoin holders have been making profits in recent days.
According to Santiment data; The increase in the number of daily active addresses in Ethereum can be considered as an "uptrend and bullish trend".
"The increased utility as prices fall is a strong case for prices to turn positive."
In addition, Santiment also states that the amount of whale transactions exceeding $100,000 has increased. It is also stated that key names are also considering ETH. However, the analytics firm also notes that Ethereum has a tight correlation with the equity market.
According to analysts, one of the main factors in the decline in Bitcoin price is that BTC moves with stocks. Therefore, the fact that Ethereum is also moving with stocks despite Santiment's statements may cause us to see some decreases in the near term. Because analysts express that they expect a decrease in stocks for a while. However, many experts also state that upward moves in cryptocurrencies will continue in the long run and that new record levels can be seen in the long run.