Extracting data from crypto analysis site Santiment, trader Ali Martinez, said that the number of "ETH sharks" is getting bigger and bigger.
Specifically, the trader said, investors holding between 1,000 ETH and 10,000 ETH (about $ 350,000 - $ 3.5 million) have increased rapidly since ETH plummeted last week.
At least 68 ethereum sharks have entered the market
Over the past 7 days, since August 31, the price of ETH has plummeted from a high of $ 482.97 to a monthly low of $ 326 on September 5.
This rapid decline has attracted quite a few sharks looking to accumulate more ETH.
According to trader Ali Martinez, said that in the past three days, at least 68 ETH sharks have entered the market.
"These sharks are holding between 1,000 ETH and 10,000 ETH"
When the DeFi market started to explode in June spurred strong demand for ETH - gas fees increased, reaching a high of around 485 Gwei on September 1, with daily transaction volumes increasing. fast.
However, after going through the price cuts, the average gas charge is now down to 98 Gwei, along with projects such as SUSHI, down to 88% in just five days.
Shark sold 1 million ETH before price dropped more than 30%
According to a recent report, Ethereum's decline in price over the past few days, has been linked to 100 ETH wallet addresses selling off more than 1 million ETH.
From a peak of more than $ 480, ETH price started to plummet below $ 400 before bottoming out around $ 320.
According to Santiment's tracking data, ETH sharks could be the cause of Ethereum's decline.
“This ETH's decline is due to the impact of the whale ETH selling off. Before the price fell 100 these ETH wallet addresses held 16.92 million ETH but after that reduction this number dropped to 15.89 million ETH, which means 1 million USD has been discharged.
According to Santiment, this is almost certainly the cause of ETH's break below $ 350 this time.