Ethereum whales shift large chunks out of exchanges as...
Historically, a large wave of withdrawals is seen as reduced sell-off risks and investors’ anticipation of a bullish surge. But in the current scenario, the accumulation could be a result of eroding confidence in centralized entities. Investors could be shifting funds to a safer place.
Meanwhile, data from Santiment showed that the percentage of ETH supply on exchanges dropped to its record low of 9.45% at the time of publication. Simultaneously, the supply held by top non-exchange addresses has shot up over the past month or so, indicating that whales were snapping up ETH in droves.The FUD triggered by U.S. regulators since the start of the week have engulfed ETH as well. The largest altcoin by market cap exchanged hands at $1,750.
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