A report from crypto research team Santiment shows whales profited millions from Ethereum’s dip on Mar. 8.
According to the report, whales were able to capitalize on market volatility early in the week, selling significant amounts of crypto in the lead up to Mar. 8’s dip in price for Ethereum. Santiment previously pointed out that the top 100 ETH holders have been accumulating higher percentages of the token supply, despite consolidation in the market.
The top 100 holders of #Ethereum are once again beginning to accumulate higher percentages of the total token supply, in spite of the ongoing consolidation that has been occurring for the past couple of weeks. Generally, when this kind of accumulation starts to mount, it's a pic.twitter.com/Rr5C8vuE97
— Santiment (@santimentfeed) March 4, 2020
While ethereum holders appeared to be trending towards accumulation, the biggest non-exchange whales began offloading their ether early in the week, selling 400,000 ETH in five days. The largest exchange-based ethereum wallets started acquiring ethereum simultaneously, adding more than 350,000 ether to their collective holdings.
The report reads,
In the case of ETH, whales have been moving their bags to exchanges leading up to and immediately after the market drop.
Santiment speculates that the dual action of whales could indicate the start of a “dumping season.”
The report concludes,
In summation, there has been a number of high-profile transfers of ETH to exchanges in days leading up to and immediately after the latest market drop, as some whales look increasingly comfortable with cashing out on a few months of gains.
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