According to the crypto analytics firm Santiment, the largest Ethereum (ETH) whale addresses are rapidly accumulating ETH.
Whale addresses owning over $10.9 million in Ethereum put together $1.03 billion in ETH in a single day.
The firm confirms this is the fifth-largest single-day add by a group of whales in the span of one year.
Ethereum is trading at around $1.171 today, up nearly 5% from the previous day. This is one of the most significant intra-day upwards trends since the FTX debacle completely turned the cryptocurrency world upside down.
Bitcoin Crash Causing Investors To Exit The Market
Santiment further mentions that the price decline in Bitcoin (BTC) on Monday prompted many traders to flee the cryptocurrency market.
The world’s largest cryptocurrency, which traded at around $21.000 in October, has recently been struggling to get above the $17.000 mark since the market nearly collapsed.
“The BTC drop below $15.8k has caused many traders to finally exit the sector or liquidate assets,” Santiment wrote in a Tweet. “Bitcoin is seeing the lowest level of transactions made while in profit since Nov 2019. Bounces typically occur when this metric is severely negative.”
Meanwhile, the crash of one of the world’s largest exchanges will inevitably result in more crypto regulation. This week, President Joe Biden stated that there is a “critical call” for game-changing Bitcoin and crypto regulations worldwide:
“It is crucial to raise public awareness of risks, strengthen regulatory outcomes and support a level playing field while reaping the benefits of innovation.”
However, bitcoin performed well today, November 23rd. The digital asset maintained its resistance and overall gained nearly 3% of its value in the last 24 hours.
Bitcoin and Ethereum Reaching “Oversold” Levels on RSI
According to the technical analysis tool “RSI”, or Relative Strength Index, the two cryptocurrencies could be reaching a turning point.
This tool analyzes momentum oscillations, which measure the speed and change of price movements.
Given crypto’s rapid decrease over the past weeks, this could very well indicate that the price has reached its resistance.
Of course, technical analysis is very often wrong. However, when paired with the fact that a large number of Ethereum whales are hoarding vast amounts of Eth — this could indicate that the currency could bounce back in December.
