Blockchain analytics company Santiment released data on Sunday showing that large Ethereum investors are actively dropping their holdings and have already sold over $4.2 billion worth of the coins in the last five weeks.
According to the data, Ethereum (ETH) shark and whale address holdings have reduced by more than 3 million ETHs in the last five weeks. In other words, the count of Ether addresses holding 100 to 1 million ETHs has dumped $4.2 billion worth of Ethereum during the same period of time.
Dumping has played a role in influencing a significant drop in the value of ETH by around 25% since the middle of September.
The data indicates that Ethereum whales have maintained redistribution of their holdings on the market since the successful Merge update. This might have been the key reason for the intense selling pressure that drove the value of ETH to the level it reached currently.
However, since whales and sharks now own fewer coins than they did before, they will most likely...
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