Ethereum (ETH), a significant player in the crypto space, has recently come under scrutiny due to some concerning on-chain activities. <\/p>\n
Notably, the number of addresses holding significant amounts of Ethereum has declined<\/a>, and some long-term holders appear to be liquidating their positions, potentially posing threats to Ethereum\u2019s value.<\/p>\n On-chain analytics have been instrumental in offering real-time insights into crypto market trends. Recent revelations have highlighted a downturn in Ethereum\u2019s holding patterns<\/a> that might have deeper implications for the digital asset\u2019s value and the market.<\/p>\n According to Glassnode, a leading on-chain analytic platform, the number of addresses holding 1,000 Ethereum (ETH) coins or more has plummeted to a 5-year low.<\/p>\n Precisely, these addresses, often termed \u2018whale addresses\u2019 in the crypto world, have decreased to 6,082. Such a sharp decline can be attributed to the liquidation activities of some of Ethereum\u2019s long-term holders.<\/p>\n It is worth noting that this contraction in whale holdings could potentially increase the susceptibility of Ethereum to market bears, potentially initiating a downward price trajectory.<\/p>\n The impact of such sales on the market is apparent. When large quantities of a cryptocurrency<\/a>, such as Ethereum, are offloaded, it often leads to a considerable influx of selling pressure. This can cause panic among smaller investors, prompting further sales and possibly leading to a price drop.<\/p>\n Interestingly, another layer adds to Ethereum\u2019s selling pressure alongside the decrease in large-scale holdings. According to data<\/a> from Lookonchain, a renowned on-chain data analysis firm, a dormant Ethereum wallet, untouched for around four years, has suddenly sprung into action.<\/p>\n The wallet in question liquidated its entire ETH holding, quickly pushing roughly $4.81 million worth of the altcoin into the market.<\/p>\n A wallet that had been dormant for 4 years sold all 2,591 $ETH<\/a> for $4.18M stablecoins 6 hours ago.https:\/\/t.co\/et78rXHG5u<\/a> pic.twitter.com\/pJanMLxwA3<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) September 20, 2023<\/a><\/p>\n Such unexpected sales from long-inactive wallets could raise alarms in the market. While the exact reasons behind such liquidations often remain concealed, they invariably amplify the selling pressures on the affected cryptocurrency<\/a>, which, in this case, is Ethereum.<\/p>\n Meanwhile, Ethereum\u2019s price has seen a slight bullish trajectory over the past week, up 1.4%. The asset has moved from a low of $1,596 seen last Wednesday to trade above $1,650<\/a> on Monday before retracing to $1,626<\/a>, at the time of writing down by 1.8% in the past 24 hours.<\/p>\n Featured image from Unpslah, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum (ETH), a significant player in the crypto space, has recently come under scrutiny due to some concerning on-chain activities. <\/p>\n Notably, the number of addresses holding significant amounts of Ethereum has declined<\/a>, and some long-term holders appear to be liquidating their positions, potentially posing threats to Ethereum\u2019s value.<\/p>\n On-chain analytics have been instrumental in offering real-time insights into crypto market trends. Recent revelations have highlighted a downturn in Ethereum\u2019s holding patterns<\/a> that might have deeper implications for the digital asset\u2019s value and the market.<\/p>\n According to Glassnode, a leading on-chain analytic platform, the number of addresses holding 1,000 Ethereum (ETH) coins or more has plummeted to a 5-year low.<\/p>\n Precisely, these addresses, often termed \u2018whale addresses\u2019 in the crypto world, have decreased to 6,082. Such a sharp decline can be attributed to the liquidation activities of some of Ethereum\u2019s long-term holders.<\/p>\n It is worth noting that this contraction in whale holdings could potentially increase the susceptibility of Ethereum to market bears, potentially initiating a downward price trajectory.<\/p>\n The impact of such sales on the market is apparent. When large quantities of a cryptocurrency<\/a>, such as Ethereum, are offloaded, it often leads to a considerable influx of selling pressure. This can cause panic among smaller investors, prompting further sales and possibly leading to a price drop.<\/p>\n Interestingly, another layer adds to Ethereum\u2019s selling pressure alongside the decrease in large-scale holdings. According to data<\/a> from Lookonchain, a renowned on-chain data analysis firm, a dormant Ethereum wallet, untouched for around four years, has suddenly sprung into action.<\/p>\n The wallet in question liquidated its entire ETH holding, quickly pushing roughly $4.81 million worth of the altcoin into the market.<\/p>\n A wallet that had been dormant for 4 years sold all 2,591 $ETH<\/a> for $4.18M stablecoins 6 hours ago.https:\/\/t.co\/et78rXHG5u<\/a> pic.twitter.com\/pJanMLxwA3<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) September 20, 2023<\/a><\/p>\n Such unexpected sales from long-inactive wallets could raise alarms in the market. While the exact reasons behind such liquidations often remain concealed, they invariably amplify the selling pressures on the affected cryptocurrency<\/a>, which, in this case, is Ethereum.<\/p>\n Meanwhile, Ethereum\u2019s price has seen a slight bullish trajectory over the past week, up 1.4%. The asset has moved from a low of $1,596 seen last Wednesday to trade above $1,650<\/a> on Monday before retracing to $1,626<\/a>, at the time of writing down by 1.8% in the past 24 hours.<\/p>\n Featured image from Unpslah, Chart from TradingView<\/p>\n <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-29909","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=29909"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29909\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29909"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Whale Watch: A Steep Decline In Ethereum Holdings<\/h2>\n
Additional Pressures From Dormant Wallets<\/h2>\n
Whale Watch: A Steep Decline In Ethereum Holdings<\/h2>\n
Additional Pressures From Dormant Wallets<\/h2>\n