Ethereum Sees Highest Retail Interest Amid Whale Sell-Off

On-chain data shows that Retail Investors and Ethereum Whales are going in opposite directions as crypto markets continue to recover.

Retail investors and Ethereum Whales are going in opposite directions as crypto markets continue to recover. Retail participation sees new ATH in wallet addresses, while Whale Addresses are shrinking in numbers and are now at 4-month lows.

Record Retail Buying

Retail holders who hold less than ten ETH are buying in record numbers. Below are some statistics on retail users.

  • Non-zero addresses are at a record high of 97,684,289.
  • Addresses holding 0.1+ ETH are also at a record high of 23,655,095.

However, the large investors and whales are experiencing just the opposite.

Large ETH Investors and Whales are Selling

Despite high interest from retail markets, large investors are in selling mode. The addresses with more than ten coins and more are dwindling at a fast rate.

  • The number of addresses holding ten coins or more is at a four-month low of 349,983.
  • The number of addresses holding 32+ coins is also at a 4-month low of 128,492.
  • The number of addresses holding 100+ coins is also at a 4-month low of 47,379.
  • Addresses holding more than 100 ETH are at a one-month low of 6,548.

Why are Whales Selling? It is just profit booking.

Large investors were selling ETH due to a fear of a massive sale after the Shanghai(Shapella) Upgrade unlocked ETH, which was locked since ETH 2.0 deposit contract was live.

However, that turned out to be untrue. The ETH 2.0 deposit contract has now reached an all-time high of 18,011,903 ETH.

Another possible reason could be profit booking, as ETH addresses in profit just reached an all-time high of 69.6 Million addresses.