The second-largest cryptocurrency has corrected as much as 17% over the week, as bulls struggled to overcome the downward volatility in the broader market.
However, market participants seem to be reacting differently to the ongoing slump, with some profit-taking on their investments while others accumulating ETH at lowered prices.The influential investor has been doubling on their ETH investments lately, and held a whopping 86,457 ETH tokens as of the 17th of April.
To the contrary, a whale who was an active participant in the initial coin offering in 2o15, sold 2,000 ETH at a selling price of $2,997, data from The whale received 33,213 ETH as part of the ICO, at a price of $0.31. The latest sale, therefore, multiplied their returns by orders of magnitude.To better understand the market reaction to ETH’s slump, AMBCrypto examined Santiment’s whale metrics.
Notably, the two whale cohorts — 1,000 to 10,000 and 100,000–1 million — increased in number over the week, suggesting that they were accumulating.The aforementioned indicators strengthened the “mixed” reaction narrative made earlier in the article.alluded to the deductions made above to some extent. According to the last update, the market sentiment for ETH was neutral, with no clear bias towards buying and selling.Aniket Verma works as a journalist at AMBCrypto.
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