Ethereum Whales Scoop Up $425,000,000 ETH While Diverging Metrics Leave Investors Guessing

In a noteworthy development, the 7-day moving average (7d MA) of Ethereum addresses in a loss has surged to an 8-month high, standing at 47,304,857.667 according to data from on-chain analyst Glassnode.

This indicates a growing number of investors who are currently underwater on their Ethereum investments. The metric serves as a barometer for investor sentiment and could signal caution in the market.

Whales Make a Splash with $425 Million Purchase

Amidst this backdrop of increasing addresses in loss, Ethereum whales have made a significant move. Data reveals that approximately 260,000 $ETH tokens were acquired by large holders within the last 24 hours.

The value of this massive purchase is estimated to be nearly $425 million. This could be interpreted as a bullish sign, suggesting that big players are seeing current prices as a buying opportunity.

Exchange Deposits Reach 1-Month High

Adding another layer to the market’s complexity, the 7-day moving average of Ethereum’s exchange deposits has just hit a 1-month high of 2,145.685.

This comes close on the heels of the previous 1-month high of 2,145.327, which was recorded on September 4, 2023. Elevated levels of exchange deposits often imply that investors are moving their assets to exchanges, possibly in preparation for selling.

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The confluence of these metrics presents a mixed picture for Ethereum. On one hand, the rising number of addresses in loss may indicate a bearish sentiment among retail investors. On the other hand, the hefty purchases by whales and the uptick in exchange deposits could signify contrasting strategies or expectations among different market participants. As always, investors should exercise due diligence and consider multiple indicators before making any investment decisions.

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Rahul Nambiampurath
Rahul Nambiampurath

Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his media outreach skills and digital marketing maneuvers. For the past six years, he has also covered major crypto events for leading publications, with expertise spanning DeFi, DAOs, NFTs, and everything decentralized.

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