Ethereum [ETH] sees double-digit weekly losses but it seems that whales are…
As the market saw red again, the king coin and the top alt both took a dive in order to revisit levels that some investors had assumed would never be seen again. At press time, Bitcoin had fallen below $42k. Meanwhile, Ether [ETH] was changing hands at $3,048.36 after dropping by 6.27% in the past 24 hours and losing 12.39% of its value in a week.
So how did investors, from minnows to whales, react to the news? Santiment data showed that while the supply on exchanges was dropping, the ETH supply held by top addresses was rising. This makes it clear that a number of high-level investors are using the opportunity to accumulate while prices are still relatively low.
Source: Santiment
Indeed, on-chain exchange flows also attested to this as the past week saw outflows of $261.1 million.
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