Crypto strategist Joao Wedson highlights that the number of whale addresses holding massive ETH balances is shrinking, which does not raise concern among analysts.
Declining Number of Whales
Whales, traditionally holding large amounts of ETH, appear to be less active despite the rising prices of Ether, raising questions about the future of the asset.
Sharks Are Accumulating Ether
While whales lose market share, the so-called 'sharks' — addresses holding between 10,000 and 100,000 ETH — have reportedly accumulated about 4.4 million ETH since April. This indicates confidence in the asset's future.
Market Dynamics and Ethereum's Future
Wedson believes that the buying activity from sharks could play a crucial role in shaping Ethereum's next significant movement. Sharks, unlike whales, tend to be more engaged in price discovery, making their actions more impactful.
Given the current trends, the shrinking number of whales and the rising activity from sharks may signal important changes in the Ethereum market, which merit close observation.
