Summary
- Ethereum whale investors reportedly showed little profit-taking activity even during the recent bearish market.
- Unlike during the 'double top' in 2021, there has been no sell-off pattern from whales recently.
- Ethereum's transaction flow is still displaying a strong correlation with Bitcoin's price movements.
It has been observed that Ethereum whale investors have not made any moves despite Ethereum's decline over the past three days.
According to on-chain data analytics firm CryptoQuant on the 23rd (local time), this shows a different pattern compared to whale sell-offs during the double top period of Ethereum in 2021. Despite a structurally similar situation, there has been no whale exit so far.
Since 2020, Ethereum’s market share has gradually decreased due to the emergence of similar L1 and L2 assets. Nevertheless, up to the present in 2024, transaction flow data still shows a strong correlation with Bitcoin price trends.
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
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