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Friday

23 April 2021

Ethereum Whales Decline as ETH on Exchanges Hits 19 Month Low - Decrypt

Ethereum Whales Decline as ETH on Exchanges Hits 19 Month Low - Decrypt


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While the price of Ethereum sails to new highs, whales are dumping and the remaining HODLers are moving funds out of exchanges, presumably to offline wallets or to earn yields from decentralized finance protocols.

All this means that Ethereum whales could be selling off their holdings, moving ETH to cold storage or staking their ETH inDeFiprotocols.

This ETH, more cumbersome to trade, reduces the amount of Ethereum that traders can move easily,theoreticallyincreasing demand for Ethereum.

If whales are moving to cold storage, decreasing the supply of Ethereum in circulation on exchanges is only good for Ethereum, a coin currently in hot demand.

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