- Ethereum Whale Activity Drops 63.8% Since Feb 25
- ETH Struggles Below $1,880 Amid Whale Sell-Off
- Ethereum DeFi Market Share Falls to 52.76%
The Ethereum blockchain shows decreased high-value transactions because Ethereum (ETH) experienced a 63.8% decrease in whale activity starting from February 25. Crypto analyst Ali Martinez indicated that this market decline shows decreased participation by major investors that affects market liquidity and price changes.
Large Transactions and Whale Activity Decline
According to cryptocurrency analyst Ali Charts, Ethereum’s network has recorded a significant drop in transactions involving large amounts of ETH. The decrease in activity shows that both institutional investors along with major holders known as whales are taking less action in the market.
On-chain data from Santiment shows that wallets holding between 100,000 and 1 million ETH have sold approximately 760,000 ETH in the past two weeks. Ethereum faces ongoing price struggles because whale investors sold their ETH holdings thus the tokens trade below their key moving averages. Whale market activity has decreased because whales appear to be either delaying participation or completely withdrawing from Ethereum.
Ethereum Price and Market Performance
Ethereum is currently trading around $1,880, down 9% over the past week and 62% from its all-time high of $4,890 in November 2021. Compared to Bitcoin, ETH has underperformed, with the ETH/BTC ratio dropping to 0.022, its lowest level since December 2020.
The Ethereum network has also lost market share in the decentralized finance (DeFi) sector. DeFi protocol TVL (total value locked) has decreased from 61.64% in February 2024 down to 52.76% in the current market. Solana alongside other alternative blockchains continues to increase its share in the cryptocurrency market.
Technical indicators suggest continued bearish momentum for ETH. ETH follows a bearish path because it remains beneath its 20-day exponential moving average at $1,963 as its relative strength index reaches 40.73 at this time.Ethereum’s future price movement will depend on whether buying interest returns or if the trend of declining whale activity continues.
