Data: The group of whales holding between 1,000 and 100,000 ETH has increased their holdings by 14% since April.
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ChainCatcher news, according to Cointelegraph, cryptocurrency sentiment analysis platform Santiment stated that since Ethereum dropped to its annual low, Ethereum whales have been increasing their buying power. In just five months, the number of Ethereum held by whale groups holding between 1,000 and 100,000 ETH has increased by 14%.
Crypto market participants often observe whale activity to gauge sentiment, as selling may indicate bearishness, while accumulation may signal bullishness and expectations of higher prices.
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