- Ethereum (ETH) shark and whale addresses have been stocking up on ETH.
- This could be an indicator that ETH investors have a bullish outlook on ETH.
- Crypto derivatives exchange dYdX announced that it will be abandoning the Ethereum ecosystem.
Ethereum (ETH) sharks and whales, addresses that have between 100 to 100k crypto holdings, have been stocking up on ETH. These addresses have collectively added about 1.1% more of the coin’s supply to their bags after ETH’s most recent price drop.
When looking at historical data, this could be an indicator that ETH investors have a bullish outlook on ETH.
Ethereum supply distribution (Source: Santiment)
ETH, the second biggest crypto and the biggest altcoin in terms of market cap, is currently trading at $1,069.47 after a 5.28% drop in price over the last 24 hours. Its recent high was $1,136.20. This current price translates to about 0.05453 BTC. According to CoinMarketCap, ETH is also down by 2.87% over the last week.
In terms of market cap, ETH currently has $130,605,895,725. The crypto’s 24-hour trading volume saw an increase of 9.75% and is now standing at $15,383,295,807.
In related news, crypto derivatives exchange dYdX announced that it will be abandoning the Ethereum ecosystem and launching its own blockchain in the Cosmos ecosystem.
The new chain plans to replace dYdX’s current platform that is built on StarkWare, an Ethereum scaling solution platform that makes use of ZK-rollup technology which allows for cheap and quick transactions.
The new platform will also enable the platform to easily customize things like fee structures and transaction speeds and will make sure to provide the best possible experience and product to its users.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.