Whales keep their positions despite declining prices

• The highest 100 Ethereum non-exchange addresses, aka whales, now maintain 27.85M ETH mixed.
• The overall worth locked up in DeFi contracts has jumped from $6.30B to $9.56B over the past 24 hours.

It seems to be like Ethereum whales are on the transfer. Santiment, the cryptocurrency conduct analytics platform, famous that the highest 100 Ethereum non-exchange addresses, aka whales, now maintain 27.85M ETH mixed.

That’s a fairly steep rise from two months in the past when these addresses held round 21.74M. It seems to be like they’re profiting from low prices to consolidate their place. Nonetheless, what precisely are they doing with their holdings?

Let’s take a look at the token velocity.

It seems to be like there was a pointy dip in velocity since this Tuesday. Since velocity and token motion are straight associated to one another, which means as a substitute of shopping for and promoting ETH for short-term good points, the bulls are hoarding their ETH and both storing them in their wallets or staking them in DeFi contracts.

DeFi TVL

As you may see, there was a pointy enhance within the whole worth locked (TVL) in DeFi good contracts. The worth locked has jumped from $6.30B to $9.56B over the past 24 hours.

Over the past 24 hours, three protocols have seen a marked rise in TVL – Synthetix, SushiSwap and Aave (LEND).

ETH/USD each day chart

Despite the whale’s actions, the short-term worth outlook stays bearish. As beforehand reported, ETH has charted a head-and-shoulders sample, which is able to set off an additional bearish motion. The value will break under the $337 assist degree and fall to the $320 line. The MACD reveals growing bearish momentum, which is able to additional assist the sellers.

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