Whales Step Back: Small Investors Flock to Ethereum

Ethereum’s (ETH-USD) small investors are hitting record numbers as large holders cut back. Small Ethereum investors are storming the gates while the whales are taking a breather. The number of retail investors holding 10 ETH or less (about $37,500) has hit a new record. Meanwhile, the big crypto fish are still licking their wounds after offloading a chunk of their stash over the past few months.

Small Investors on the Rise

According to Santiment, an on-chain analytics firm, the number of smaller Ethereum wallets has soared to a record 121.74 million. This surge comes hot on the heels of a recent ETH price spike, fueled by rumors that the SEC might actually approve spot Ether exchange-traded funds (ETFs). 

Wallets holding between 10 and 10,000 ETH—ranging from $37,500 to $37.5 million—are down about 5.8% this year. And the true whales, those holding over $37.5 million in ETH, have seen their holdings drop by 10.6% as they’ve been dumping their coins.

Whales Show Signs of Life

Don’t count the whales out just yet. On-chain data shows they’ve been getting busy again, likely stirred by the ETF hype. The number of large transactions (over $100,000) has shot up recently, meaning these big players are making moves.

IntoTheBlock reports that whale transactions are at their highest since March, suggesting these behemoths are waking up. The market buzz around potential ETF approvals has pushed ETH prices to around $3,800, making it prime time for whales to reposition. The big question: Are they buying or selling?

With whales making big moves, the Ethereum market could see some serious volatility. Whether this activity continues and in which direction remains to be seen, but one thing’s for sure: the whales aren’t out of the game yet.

Is Ethereum a Buy?

According to TipRanks’ Summary of Technical Indicators, Ethereum is a Buy.

Don’t let crypto give you a run for your money. Track coin prices here.