Ethereum (ETH) went through an interesting transformation last year. According to analytics firm Santiment, there has been a significant shift in volumes between wallet categories. While the whales were obviously selling, the sharks were growing and buying. As sharks, we take wallets with 10 to 10,000 coins ($18k – $18 million), and whales take 10,000 to 10 million coins ($18 million – $18 billion).
Both groups hold a significant amount of coins, so the movement of both can have a noticeable effect on the price (whales are higher, of course, because only a few of them need to move). The graph shows how the balances in the shark wallets grew. Especially after the fall of FTX.
Over the past twelve months, sharks have added 3.61 million ETH tokens to their wallets. The opposite trend can be seen in whales. The number of tokens in these wallets decreased by 9.43 million ETH. Sharks thus grew by about 2.5% in a year, and whales decreased by almost 9%. Even though the whales are selling, they still hold about 51.4% of the total ETH supply in their wallets. The Sharks have something like 28.8% of the supply.
Conclusion
Ethereum is still the altcoin with the largest market capitalization. It is currently trading around $1,800 and some analysts are predicting that it could reach $2,000 in early April. The date is important because at that time the Shanghai hard fork is supposed to happen and validators will be able to withdraw their tokens. These are currently locked due to the transition to Proof-of-Stake. The second group of analysts, on the other hand, is leaning towards a drop in the price, which will be caused by the increased supply of released tokens on the market. Personally, I don’t think that there will be any mass increase in supply in April and therefore no drop in price.
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