Ethereum whales are not selling their assets despite Ethereum’s questionable performance
According to data provided by Sanimentlarge Ethereum addresses are still accumulating funds in the market despite the cryptocurrency’s suppressed performance.
As the data suggests, the percentage of whale-tier addresses on the network still remains the same despite the questionable performance of Ethereum on the market. While the supply on large wallets slightly retracted from the ATH, it still remains close to the highest point.
The high percentage of whales on the network suggests that there is no fundamental shape to sentiment in the market, and the big players are not rushing out of the industry as many bearish analysts have suggested.
According to TradingView data, the price of Ethereum has dropped by almost 50% since the ATH. The reasons behind it are the general correction on the market, the drop in popularity of the NFT and DeFi industries and risk-off tendencies on the financial markets.
Ethereum revenue plummets
The only fundamental reason for the current Ethereum price drop is the massive decline in network revenue. After trading volume halted on largest NFT marketplace, OpenSea, and loss of nearly 20% of funds blocked by DeFi industry TVL, fees on the network fell to summer lows 2021.
U.Today previously reported that Ethereum users can now make transactions on Layer 2 networks for less than $0.1. Ethereum swaps are also available cheaper than $0.2. It should be remembered that during the NFT craze and rapid rise of the DeFi industry, the transaction fee on the Ethereum network reached $100, while the price of a minting operation was even higher in certain periods.
