The recent decline in the cryptocurrency market may have become a golden opportunity for people to bag more of their favorite cryptocurrencies, and those they believe to be promising. This seems to be the case of Ethereum cryptocurrency, as the number of Ether whales grew by 68 in the past three days when the crypto had a drop in price.
Ether whales are increasing in number
Data shared from Santiment, a crypto market insight, and behavioral reports provider showed that numerous Ethereum cryptocurrencies were acquired as the price dropped. The number of new crypto investors holding at least 1,000 to 10,000 ETH surged by 68, making the new list of Ether whales presently.
At the time of writing, this would mean that 68 new addresses are holding between $348,000 to $3,480,000. Remarkably, these new Ether whales all joined the network within the past three days, as the data noted. During this time, the cryptocurrency was gradually decreasing in price, to the extent it declined to $326 on Saturday. This accounts for a 30.2 percent drop from the $367 recorded on the last day of August.
The tweet reads:
“ @santimentfeed‘s holder distribution chart shows that as #Ethereum was falling, there was a spike in the number of addresses with millions of dollars in #ETH, colloquially known as whales. Roughly 68 new whales holding 1K to 10K $ETH have joined the network in the past 3 days.”
Most likely, what triggered the birth of new Ether whales relates to the booming decentralized finance (DeFi) industry, which runs on the Ethereum network. Besides, Ethers are significantly being locked up in many DeFi protocols, which is somewhat creating a high demand for the cryptocurrency.
Some whales foresaw Ether drop coming
Separate information from Santiment somewhat indicates that some Ethereum whales might have sensed the coming Ether price freefall in the past week. About 100 biggest ETH exchange addresses began cashing out as the crypto neared its recent high. Not being greedy per se.
Per Santiment, these addresses shaded their holdings from 16.92 million to 15.89 million in the past week.