Data from cryptocurrency analyst Santiment shows that Ethereum whales – wallets or wallet clusters of over 10,000 ETH – did not move during the recent market sell-off, which saw ETH’s value down over 25% from its all-time high.
According to Santiment, Ethereum whales, valued at over $ 34.3 million, the second largest cryptocurrency by market cap, barely touched their funds during the sale as only 8 addresses got out of that category.
On the flip side, Ethereum addresses holding between 100 and 10,000 ETH appear to have sold some of their holdings during the downturn, with the number of addresses in that category ultimately falling to a three-year low.
The market sell-off affected not only Ether but most of the other cryptoassets, including Bitcoin. IT was apparently the result of the announcement by Elon Musk, CEO of Tesla, that the company would no longer accept BTC payments due to environmental concerns. Musk then faced a backlash from the community, ultimately implying that Tesla could sell the BTC in its treasury.
Ethereum’s price fell from an all-time high above $ 4,300 to a low of $ 3,100 during the sell-off before it began to rebound. At the time of going to press, ETH is trading near $ 3,500 and rising rapidly.
ETHUSD chart via TradingView
During the sell-off, the electric car marker’s CEO made it clear that he had not sold any of its BTC holdings. Musk had also found that Tesla was looking at greener cryptocurrencies, where the value of some tokens was determined using a Proof-of-Stake (PoS) consensus algorithm.
Ethereum currently uses a PoW (Proof-of-Work) algorithm, which, similar to that of BTC, uses a lot of energy. However, it will be converted to a PoS system in the future. As CryptoPotato first reported, Carl Beekhuizen, a researcher at the Ethereum Foundation, announced in a post that ETH’s energy consumption could decrease by up to 99.95%.
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