Whales’ Behavior on BitMEX
A recent analysis has revealed a pattern in the Ethereum exchange reserve on BitMEX. When the reserve increases, it suggests investors are depositing ETH for potential selling, which could be bearish for the price. Conversely, a decline in the reserve indicates investors are withdrawing ETH for long-term holding, which could be bullish.
2022-2023: Whale Activity and Price Movements
In mid-2022, the BitMEX Ethereum exchange reserve surged, indicating large deposits by whales. This was followed by a sharp drop in ETH price, suggesting the whales may have anticipated the bear market.
In September 2023, the whales withdrew a significant amount of Ethereum, reversing the earlier surge. Soon after, ETH rallied sharply, reaching over $4,000 for the first time since December 2021. This suggests the whales accurately predicted the market turnaround.
Current Situation and Outlook
Since September, the BitMEX Ethereum exchange reserve has been relatively stable. However, any significant changes in the future could provide insights into potential price movements.
Ethereum Price Today
Ethereum has shown some recovery from its lows, but is currently trading around $3,400.
