Whales accumulate Ethereum as sell pressure falls

The latest findings by Santiment , published in Cointelegraph Consulting’s biweekly newsletter, suggest that regular users are returning ...



The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, suggest that regular users are returning to Ethereum in response to lower transaction fees.

Several influential Ethereum cohorts — including miners and some of Ethereum’s largest non-exchange addresses — have been showing signs of ongoing accumulation and increased confidence in the coin’s long-term potential.

After a period of redistribution and short-term selloffs by Ethereum’s block creators throughout August, the combined balance of Ethereum mining pools is once again on the rise, growing by 50,000 ETH (~$18,200,000 at the time of writing) over the last 30 days.

In the past, major drop-offs in the collective holdings of Ethereum miners frequently coincided with rising sell-side pressure and price regression, while periods of miner accumulation often boded well for Ethereum’s price in the near term.

A similar accumulation pattern has been observed by the 100 largest non-exchange Ethereum addresses, aka Ethereum’s biggest whales. Since the September 5 bottom, the combined balance of these 100 addresses alone has grown by 2,050,000 ETH (~$749,000,000 at the time of writing), pointing to rising confidence among ETH’s deep-pocket investors despite shaky market actions over the past 30 days.

In addition to miners and whales accumulating ETH, last month, Ethereum’s exchange-related metrics have indicated an ongoing decline in sell-side pressure and short-term exodus of ETH holders.

Daily ETH deposits (addresses used to transfer ETH to exchanges) have shrunk from 55,027 on September 1 to a 3-month low 23,821 on September 28, marking a -56.7% decline and indicating a network-wide reduction in sell-side pressure. Furthermore, the amount of ETH moving to known exchange wallets daily has plunged from 298,000 on September 5 to just 80,350 on September 28.

Read the full newsletter edition here to get the entire scoop, complete with charts and images.

Cointelegraph’s Market Insights Newsletter shares our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Santiment, the newsletter dives into the latest data on social media sentiment, on-chain metrics and derivatives.

We also review the industry’s most important news, including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign up now to be the first to receive these insights. All past editions of Market Insights are also available on Cointelegraph.com.

Source link

COMMENTS

Name

Africa,674,Americas,3542,Art & Culture,13587,Arts,6143,Arts & Design,1462,Asia,2995,Automobile,397,Baseball,477,Basketball,371,Books,3555,Business,4960,Celebrity,2483,Cricket,494,Crime,89,Cryptocurrency,1168,Dance,554,Defense,703,Diplomatic Relations,2372,Economy,942,Editorial,260,Education,1043,Elections,280,Energy & Environment,2845,Entertainment,21254,Environment,3301,Europe,3877,Faith & Religion,165,Family & Life,657,Fashion & Style,2927,Finance,17758,Food & Drink,3416,Football,988,Games,40,Gossip,10086,Health & Fitness,3743,Health Care,691,Hockey,164,Home & Garden,766,Humour,767,Latin America,49,Lifestyle,15200,Media,376,Middle East,1339,Movies,1549,Music,2371,Opinion,2370,Other,10271,Other Sports,4740,Political News,10914,Political Protests,2128,Politics,16536,Real Estate,1604,Relationship,59,Retail,2966,Science,2312,Science & Tech,9000,Soccer,128,Space & Cosmos,247,Sports,10574,Technology,3140,Tennis,488,Theater,1480,Transportation,214,Travel,2380,TV,3349,US Sports,1266,Video News,3531,War & Conflict,844,Weird News,919,World,14496,
ltr
item
Newsrust: Whales accumulate Ethereum as sell pressure falls
Whales accumulate Ethereum as sell pressure falls
https://s3.cointelegraph.com/storage/uploads/view/bdaefe23364228bea918f57ccb2ae9f4.jpg
Newsrust
https://www.newsrust.com/2020/10/whales-accumulate-ethereum-as-sell.html
https://www.newsrust.com/
https://www.newsrust.com/
https://www.newsrust.com/2020/10/whales-accumulate-ethereum-as-sell.html
true
732247599994189300
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content