Is the main reason for the stagnation of Ethereum after its rise due to the massive whale trading on
Ethereum outperformed Bitcoin last week
In the past seven days, there has been a significant increase in the price of Ethereum, with a relative increase of over 10% compared to Bitcoin.
Some well-known traders and investors are singing about Ethereum on social media platforms, and on chain data also shows that some investors have deployed Ethereum positions in the past few days. According to Arkham's data, the wallet address suspected to belong to BitMEX founder Arthur Hayes received 1072 Ethereum coins worth approximately $3.31 million from market maker Wintermute in the past few days.
Selling whales
However, some people buy while others sell. According to on chain data, an address that participated in the Ethereum ICO in the past deposited 1555 ETH into the Coinbase exchange three hours ago after being dormant for three years. The participant invested $1951 to buy 6292 ETH during the ICO fundraising period, with an average price of $0.31.
On the other hand, according to information shared by blockchain data analyst Lookonchain, a giant whale holding 398891 ETH has sold 46853 ETH since November 7th, and sold another 12886 ETH (with a total value of approximately $41.24 million) early this morning. The giant whale still holds 352036 ETH (with a total value of approximately $1.27 billion).
The selling of these whales may be one of the reasons for the stagnant performance of Ethereum prices in the past two days.
