The post A Bullish Wave On The Horizon? appeared on BitcoinEthereumNews.com.

The broader crypto markets including the market leaders Bitcoin and Ethereum, experienced a rollercoaster ride in the last couple of weeks. Ethereum price has witnessed a correction from $3900 level and retraced the $3400 level. However, the 50 day EMA is acting as a dynamic support as the price bounced back. Moreover, there has been a notable shift in the balance of the top 100 exchange wallets which has dropped to a multi-year low, while the top 100 non exchange wallets are recording all-time high holdings. Whales are Offloading Ethereum From Exchanges! With the dramatic changes in the broader crypto markets these days, a notable shift in the on-chain metrics was observed. As per the data obtained from a financial website app.santiment.net, the holdings of the top 100 Ethereum wallets have dropped to a 2018 low value of 8.41 Million Ethereum. 🐳 The top 100 Ethereum wallets on exchanges recently fell below its May, 2018 all-time low, now at 8.41M total $ETH. This is a sign of increasing distribution over time. Meanwhile, the top 100 non-exchange wallets tell the opposite story, holding an all-time high 68.39M $ETH. pic.twitter.com/OS0t4ByaNQ — Santiment (@santimentfeed) June 14, 2024 The aggregate holdings of the top 100 non exchange wallets have surged to a record high of 68.39 Million ETH indicating the shift of Ethereum from exchange wallets to non exchange wallets.  Typically, large-scale holders, often referred to as ‘whales,’ transfer their assets out of exchange wallets into other types of wallets when they do not foresee a significant market sell-off and prefer to retain their holdings for a certain duration. Such movements by whales withdrawing their holdings out of exchange wallets generally have a favorable effect on the market price. Is Ethereum Preparing for a Potential Rebound? The Ethereum price has rebounded from the 50…

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Filed under: News - @ June 16, 2024 2:30 pm