Ethereum Whales Quietly Filled Up On ETH While Broader Market Panicked

Ethereum crumbled with the market during the last crash and is yet to recover to previous levels. The crash was characterized by sell-offs and liquidations from all angles, which continued even when the price dumped further. Fear of a bear market sparked this as investors wanted to get out before the price fell further. But not everyone followed this trend of dumping.

Whales have always been known to move differently from smaller investors when it comes to the crypto market and this time was no different. While investors panic sold their holdings at low prices, these whales quietly gobbled up the ETH being dumped on the market, increasing their dominance in the market once again.

Whales Fill Up On ETH

In the last few weeks, whales have taken advantage of the declining market values to buy cryptocurrencies at what can be essentially said to be a discount. The price of Ethereum had dumped as low as $2,100 following the crash, leaving even more room for the whales to increase their holdings. Smaller investors had followed suit but only after whales had bought hundreds of millions of dollars worth of ETH.

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Related Reading | Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC

During this time, the number of addresses holding more than 10,000 ETH on their balances had also increased significantly. These whales had altogether purchased more than $500 million in ETH in only a couple of weeks.

Ethereum price chart from

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ETH recovers to $2,400 post-crash | Source: ETHUSD on

This renewed support from whales and smaller investors had worked to slow down the decline of the digital asset. But proved to be not enough to spark a rebound back up to previous values. Despite growing support from these large investors, the market has remained in extreme fear, pointing to intense wariness from investors. This has caused them to hold back from putting any more money in the market.

Ethereum Struggles To Stay Afloat

Since the crash towards the low $2,100, Ethereum has had a hard time recovering in the market. While a bounce-back that was triggered by pioneer cryptocurrency bitcoin saw it recover above $2,400, it has not recorded much in the way of upward momentum since then.

Related Reading | Which Cryptocurrencies Suffered The Worse Collapse Since All-Time Highs?

Indicators point to the week playing out with continued low momentum for the second-largest cryptocurrency by market cap. It had previously tested the $2,700 point on Wednesday but had promptly taken a beating down that brought it back to $2,400.

ETH is trading below its 5-day, 20-day, 100-day, and 200-day moving averages for the first time in a year. Market sentiments remain bearish with more downtrend expected to come as support from whales taper off.

As of the time of writing, the digital asset is trading at $2,461, down 2.97% in the last 24 hours. Trading volume is up significantly over the same time period but is yet to translate into a higher value for the asset.

Featured image from Nairametrics, chart from


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These Ethereum Indicators Show Whales Continue To Accumulate

According to on-chain analysis, some Ethereum indicators are showing signals that whales are continuing to accumulate the cryptocurrency.

Ethereum Shows Negative Netflows As Exchange Reserves Continue The Downtrend

As pointed out by a CryptoQuant post, ETH indicators seem to be moving in directions that suggest whales are continuing to accumulate.

There are three important metrics to consider here: the all exchanges netflow, the all the exchanges reserve, and the unique Ethereum 2.0 depositors count.

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The all exchanges netflow is an indicator that shows the net amount of ETH entering or exiting centralized exchanges.

When the metric has a negative value, it means more coins are being transferred out of exchanges to personal wallets than the crypto entering in. Such a value could indicate a buying pressure in the market as more investors are interested in hodling or OTC deals.

A positive value suggests just the opposite; exchanges are receiving more Ethereum than the amount moving outwards, and thus there could be a selling pressure in the market.

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Here is how the ETH all exchanges netflow chart looks like:

Ethereum Negative Netflows

Ethereum Negative Netflows

Ethereum continues to observe negative netflows

As the above graph shows, the indicator has been showing negative spikes for the cryptocurrency recently. Negative netflows are usually associated with an increase in the price, like the uptrend the crypto is experiencing right now.

Related Reading | Institutional Investors FOMO For Ethereum Exposure

The next indicator is the all exchanges reserve, which gives the total amount of ETH present in exchange wallets. A rise in this value means more ETH is being transferred to exchanges for selling purposes. Similarly, a decrease means more investors are looking to hodl their coins in personal wallets.

Below is the chart for the Ethereum all exchanges reserve:

Ethereum Exchange Reserves Fall Down

Ethereum Exchange Reserves Fall Down

The Ethereum all exchanges reserve continues the downtrend

Looks like the value of this metric has been going down in recent months. The trend makes sense as the netflows have been largely negative during the period.

Such a decrease in the exchange reserves means more whales are continuing to accumulate ETH rather than looking for a dump.

Related Reading | TA: Ethereum Prints Bearish Technical Pattern, Why It Could Nosedive

Finally, there is the ETH 2.0 unique depositors count that shows the number of accounts who have staked at least 32 ETH.

The metric’s value has been going up as more of these whales are becoming interested in staking their coins, as the below chart shows:

Ethereum 2.0 Depositors Count

Ethereum 2.0 Depositors Count

The ETH 2.0 depositors count goes up

Ethereum Price

At the time of writing, ETH’s price floats around $3.2k, up 1.8% in the last 7 days. Here is a chart that shows the trend in the price of the cryptocurrency over the past three months:

Ethereum Price Chart

Ethereum Price Chart

After a plunge, Ethereum's value is now sharply going up | Source: ETHUSD on TradingView
Featured image from, charts from CryptoQuant,


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Bitcoin (BTC) $ 26,284.04 1.19%
Ethereum (ETH) $ 1,588.78 0.15%
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Bitcoin Cash (BCH) $ 210.47 1.10%