What these market members are as much as for Ethereum, Chainlink and Binance Coin – AMBCrypto Information
The cryptocurrency market is obviously going through another phase of free fall. In fact, the price of a major asset like Bitcoin has fallen below $ 35,000. The situation was slightly worse for Ethereum as the valuation fell below $ 2,150 for the first time since May 24th.
However, while price action screamed bearishly on the charts, whales were quite active during this volatile period. It should also be noted here that we are still in strong uncertainty, which means that the bulls have a chance to rebound in strength.
By keeping an eye on whale activity, we can approach certain altcoins with more confidence or stay away from those with possible red flags.
Ethereum whales are burning!
The value of Ethereum may have collapsed quickly from its ATH levels, but since the correction mentioned above, the supply of top addresses has steadily increased. The share of the top ETH addresses in the total circulation offer had also fallen to 18.4%, but at the time of going to press it was 19.8%. In quantifiable numbers, more than 1.3 million ETH were accumulated from these whale addresses after the May 19 crash.
It’s a pretty opposite sight when you consider that the price of ETH is deflated and has not risen above $ 3,000. However, it can also be concluded that the future of Ethereum is what investors are after. Ethereum is heading for its biggest option expiration on June 25th and this could have a strong impact on its price.
In addition, the London Hard Fork is also widely expected to collapse in July, introducing the EIP-1559 protocol. Ethereum also announced that the testnet for the hard fork will go live on June 24th.
The number of whale addresses also increased for Binance Coin and from a fundamental point of view it made clear sense. BNB operates everything related to Binance and the exchange’s position in the market is pretty strong regardless of bullish / bearish conditions.
In the long term, the market recovery would always go hand in hand with a bullish recovery on the part of the NBB. The asset that is 50% below its ATH value can therefore be viewed as an ideal area of accumulation.
Chain link – No more strength in Hodlern?
Surprisingly, Chainlink is one of the assets where the supply of top addresses has steadily declined. It is also important to note here that the decline in whale activity has persisted since early 2021. Oddly enough, whale activity had dominated LINK’s network early last year, so it has changed completely from the previous engagement.
From a development perspective, Chainlink continues to develop partnerships and work with multiple organizations to drive DeFi improvements, so reducing whale addresses can mean more proliferation. Nevertheless, a lack of higher quality addresses could indicate a decline in confidence in the long-term valuation.
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