Ethereum whales have gotten a little lighter over the past few weeks. This time their focus was on the popular meme coin Shiba Inu (SHIB), which has a very active community. However, the price refused to follow the same direction. After the downtrend, Ethereum whales, who have always seemed to be crypto’s biggest supporters, have now reduced their bags. So what did they get instead? Here is the WhaleStats data…
Ethereum whales sell SHIB holdings
At the height of the Shiba Inu rally, the total SHIB holdings of Ethereum whales totaled over $1 billion. This continued for some time as investors held their tokens believing that the digital asset would rise. However, SHIB did not drop a zero from its price as expected. A few months later, Ethereum whales started to give up their holdings. In fact, their portfolio has dwindled to nearly $500 million in the past two months. Despite this, many whales continued to cling, even adding to their position. At least until now.
Currently, the total SHIB assets of the largest Ethereum whales currently stand at just over $160 million. That means whales dropped more than $300 million in assets last month. However, this is not the only position they have scored. FTX Token was a strong competitor for SHIB when it came to the biggest dollar holdings of Ethereum whales. It even reached nearly $1 billion at one point. Now, the token is held by the top 5,000 ETH whales at just $25 million.
Whales hold the most stablecoins
As holdings in digital assets like Shiba Inu and FTX Token dwindle, whales are clearly moving them elsewhere. A glance at their current holdings gives an idea of where the funds are moving. Their holdings in stablecoins saw a significant increase this time around. USDC assets are currently at their peak with more than $882.8 million, accounting for 23.83% of its total assets. USDT follows closely with $754.6 million. One of the new topping assets is stETH, which is pegged to ETH. cryptocoin.com As we have also reported, stETH refers to staked ETHs in the Lido network. As of the time of this writing, whales now hold more than $324 million in stETH.
So what does this show? According to experts, the clinging of investors to stablecoins indicates that they are trying to hedge in the current negative market situation. Meanwhile in Ethereum, uncertainty is shaking the market as Merge approaches. On the other hand, investors in the space are taking measures to protect the value of their assets. The price of SHIB has suffered in light of this. The cryptocurrency has dropped 8.1 percent in the last 24 hours. Currently, it is changing hands at $0.00001237.
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