The crypto market took a hit recently, with Ethereum dropping from over $2,600 to around $2,300. This isn’t great news for Ethereum, which hasn’t been doing too well lately.
Big Players Are Dumping Ethereum
A crypto analyst on X noticed something interesting: big Ethereum investors, called “whales,” have been selling off their holdings. These whales hold a lot of Ethereum, and their actions can have a big impact on the price.
The number of whales holding over 10,000 ETH has dropped by more than 7% since July. This suggests that these big players are either taking profits or redistributing their holdings. Either way, it’s not a good sign for the price of Ethereum.
What Does This Mean for Ethereum’s Future?
This selling pressure from whales could make it harder for Ethereum to rise in price. It could even lead to a further drop in price.
The price of Ethereum is currently around $2,400, down almost 10% in the last week. It’s not clear what will happen next, but it’s worth keeping an eye on the actions of these whales.
