There is an influx of new ETH whales while some of the ETH whales are manipulating the market, says Adam Cochran, partner at the decentralized autonomous organization Metacartel Ventures.In his first of several previously announced reports, Cochran explains that he manually checked the 10,000 most important Ethereum addresses to learn about liquidity, profitability and market manipulation. Here are some of his findings.
New Whales in the room
There are more new whales in the room, which now make up about 6% of the 10,000 addresses. Under these top addresses, a “significant” number of them had their first transaction related to Fiat exchanges such as Gemini, Kraken and Coinbase. These new addresses often bought ETH worth $ 100,000-250,000, i.e. In total, there were around $ 100 million in new ETH purchases in the past six months. Together with the “old” whales, the number increased to over $ 650 million, Cochran claims. According to recent reports, the Grayscale Ethereum Trust, based on a Reddit contribution, bought half of all mined ethers this year.