Ethereum Whale Count Grows Amid Price Decline
More Ethereum (ETH) whale wallets have emerged over the past few days despite the over the 30 percent decline in the spot price.
68 New Ethereum Whale Wallets Emerge
It appears the optimism of big-money crypto players has not been dampened by the recent market selloff. Tweeting on Sunday, cryptocurrency analyst Ali Martinez revealed that data from on-chain analytics service Santiment shows that 68 new Ethereum whale wallets have emerged since Thursday, September 4.
‘@santimentfeed‘s holder distribution chart shows that as #Ethereum was falling, there was a spike in the number of addresses with millions of dollars in #ETH, colloquially known as whales.
Roughly 68 new whales holding 1K to 10K $ETH have joined the network in the past 3 days. pic.twitter.com/HucYyMPQ2p
— Ali Martinez (@ali_charts) September 6, 2020
Whale wallets refer to addresses that hold at least 1,000 ETH currently valued at $351,000. The increase in whale wallet count coming at a time of massive price decline indicates that larger Ethereum “bag holders” are behaving inversely to the general market.
By buying the dip, these whales might be positioning themselves for significant profits by the ETH price experiences another upward advance. The increase in the number of whales also echoes a similar buying the dip trend observed during Black Thursday.
Back in mid-March, the crypto space along with the broader financial markets suffered a major price crash. Panic over the coronavirus saw investors exiting asset holdings for cash and fears raged over possible government shutdowns.
As reported by BTCManager at the time, U.S. crypto exchange giant Coinbase reported an uptick in retail buying despite the price crash. Indeed, the decline seen on Black Thursday for the crypto space is believed to have largely been driven by institutional investors.
As of the time of writing, Ethereum appears to be bouncing off the $330 mark with a view to likely reclaiming the $400 level. Despite the recent sell-off, the second-largest crypto by market capitalization is still up more than 170 percent year-to-date (YTD).
ETH Miner August Revenue Tops $285M
The ETH price crash at the start of September interrupted what has been a period of increased network activity for Ethereum. Such was the level of transaction volume on the blockchain that Ethereum miners generated total revenue of about $285 million.
With the increasing transaction volume, came network congestion and a spike in fees. Indeed, fees accounted for close to 40% of the total revenue earned by miners in August.
The massive surge in the popularity of decentralized finance (DeFi) has been identified as a major reason for the uptick in Ethereum transaction volume. Top DeFi marketplace Uniswap is reportedly seeing about $1 billion per day in trading volume.
