Ethereum (ETH) Whales Disappearing: Details

As a seasoned crypto investor with a few battle scars to show for it, I find the recent decline in whale activity across most crypto assets, as reported by Santiment, intriguing but not necessarily alarming. Over the years, I’ve learned that reading too much into short-term market trends can lead to unnecessary panic or overconfidence.


As per Santiment’s analysis, the decrease in overall whale involvement across most cryptocurrencies has become increasingly apparent. The latest data from the blockchain shows a substantial decline in the number of large transactions, specifically those worth over $100,000, for significant cryptos like Bitcoin and Ethereum.

Over the past few cryptocurrencies, the number of significant whale transactions in most assets has become increasingly apparent. In contrast to the peak weeks of around $100K+ transactions for Bitcoin (BTC) and Ethereum (ETH) in 2024:— Santiment (@santimentfeed) September 3, 2024

The data provided by Santiment shows a significant difference in whale activity for Bitcoin between March and August 2024. In the week of March 13th to the 19th, there were about 115,100 transactions involving large investors (whales), with each transaction valued at $100,000 or more. On the other hand, by August 21st to the 27th, this number dropped almost in half to approximately 60,200 transactions.

Over the course of the same week in March, there was an especially significant decline for Ethereum, accompanied by a surge in transactions made by large Ethereum holders (whales), amounting to approximately 115,100 transactions. However, as we approached late August, that number dropped sharply to only 31,800 transactions, suggesting a substantial decrease in the frequency of whale transactions on the Ethereum network.

Is it concerning?

A decrease in whale activity could be seen as a potential bearish indication, implying that big investors might be pulling back or selling off their investments. But it’s important to remember that this data should be analyzed with care. A decrease in large transactions doesn’t automatically mean the whales are dumping their holdings or predicting an immediate price plunge. Instead, it could signify various factors influencing their trading behavior.

Historically, whale behavior often intensifies during times of market upheaval, be that a bullish run or a steep drop. The recent decrease in significant transactions might suggest a phase of consolidation, where these whales seem to be holding onto their investments instead of actively buying and selling.

Santiment noted that even with fewer total transactions, there is still a consistent trend towards accumulation when it comes to whale activities.

In simple terms, nearly every cryptocurrency experienced a decline in August, with Ethereum seeing a drop of 22.6% at the end of the month. The outlook for September continues to be pessimistic, as this month is historically unfavorable not only for crypto but also for all types of assets.

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2024-09-03 18:34