Ethereum, which is one of the units most affected by the downward trend of the crypto money market in general, has experienced a price decrease of about 20% in the last 7 days. Just before this drop, it was learned that over 1 million tokens were issued by whales. After the fall, it turned out that more than 60 whales joined the net. “Why did Ethereum crash?” The answer to the question may be hidden in these whale movements.
Ethereum (ETH), which fell sharply like other cryptocurrencies at the beginning of September, fell more than 30%. Whale activity drew attention before this price drop of ETH, which is currently traded around $ 340. According to data released by Santiment, some whale movements could be behind this decline. While the Ethereum price is at its highest value in recent times, it has been observed that nearly 100 addresses have started to sell over 1 million tokens.
According to the data published by Santiment, the amount of Ethereum held decreased from 16.92 million to 15.89 million within this dynamism. “Why did Ethereum crash?” Although it is difficult to give a definitive answer to the question, one of the reasons behind this decline may be this whale activity.
Increase in Whales After the Fall
At least 68 new whales joined the network during the Ethereum drop last week, Cointelegraph reported. The data obtained from the crypto money analysis institution Santiment show that the “whale” investor, who has an accumulation of 350 thousand – 3.5 million dollars, has increased more than 60 within 3 days. The participating whales are thought to have potentially added millions of ETH to the network. With this movement, it is predicted that the Ethereum price started to accumulate.