Ethereum Whales Abandon Ship As Weekend Arrives in Apparent Move to Avoid Crypto Calamity
New on-chain data shows some of the world’s largest Ethereum (ETH) holders are reducing their exposure to the volatile crypto markets as the weekend arrives.
According to WhaleStats, the top 100 Ethereum wallets are witnessing significant outflows of ETH in the last 24-hours.
At time of publishing, those wallets have collectively sold $783,734 in ETH in the last day as the whales pile into dollar-pegged stablecoins in an apparent effort to avoid a potential move to the downside in the days ahead.
As they lighten their exposure to ETH, those same whales just bought $1,963,431 of the stablecoin USD Coin (USDC), $283,588 of the stablecoin Binance USD (BUSD) and $122,135 of Tether (USDT).
The move follows a pattern in recent weeks, with a number of large active traders apparently fearing lower volume and the potential for downturns at the end of the week.
Meanwhile, a small handful of Ethereum-based altcoins are witnessing inflows in the past 24-hours.
One of those crypto assets is ApeCoin (APE), which has seen a total of $110,145 of inflows in that time frame.
Another altcoin posting positive inflows is Yearn.Finance (YFI), which has recorded $34,280 of inflows over the last day.
The crypto analytics firm Santiment says its data shows both Ethereum and Bitcoin holders have taken profits in recent days.
“Bitcoin’s ratio of transactions taken in profit vs. loss is increasing after the subtle rebound these past couple days. Meanwhile, Ethereum had some serious capitulation these past seven days, which explains its slight price dominance over BTC.”
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