376 referrals, which are unlikely to be exchanges and other service providers, control 33% of all existing Ethereum coins. However, these whales are only responsible for 7% of all transactions on the network and have little impact on quotations, although they can trigger temporary volatility with massive sales. This is set out in the Chainalysis analytical company report.
Note that in 2016 these whales managed 47% of total emissions, but then began to lose ground. In 2018, this figure fell below 30%. The main players mentioned have very few transactions and prefer to hold assets for a long time.
Analysis found that the average price of Ethereum followed the price of Bitcoin – if the latter rose by 1%, one day later, ETH will show an increase of 1.1%. At the same time, the first cryptocurrency does not affect the daily volatility of ETH.
It is worth noting that the transfer of whales to the exchanges does not put pressure on Ethereum quotations, but only encourages the growth of volatility between days.
If the whale transfers money from the exchange to a private wallet, then this has no effect either on ETH price or on volatility.
Therefore, analysts have come to the conclusion that the influence of major players on moving quotations is overvalued.
Meanwhile, Ethereum has shown strong growth around $ 240- $ 250.
According to Chainalysis estimates, back in early autumn last year, whales managed about 30% of total Bitcoin emissions, but at present this figure has fallen to 20%.
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