Whales accumulate record holdings in ETH, and Gavin Andresen says that crypto trading is all speculation
Whales accumulate $4.8 billion in ETH
Ethereum held by large investors recently reached a 10-month high. The 100 largest wallets have accumulated 21.8 million ETH (about $4.8 billion). At the same time, whales have acquired 145 thousand coins over the past two days, according to the analytical service Santiment.
Against this background, Ethereum price reached a 2-month high at around $224. Over the past day, cryptocurrency has risen in price by 5.77%.
In addition, the number of ETH long positions on Bitfinex hit a new all-time high: since the beginning of the year, the indicator has grown by 246%, updating the historic maximum at 1.76 million ETH.
Gavin Andresen: crypto trading is all speculation
Gavin Andresen, Chief research officer at Bitcoin Foundation, expressed the opinion that traders speculate at the price of digital currencies, not paying attention to the essence of the underlying technologies.
He compared the graphs of the IOTA and ZCash rates over the past year and noted that he does not see significant differences between them. At the same time, from February 12 to March 10, no transactions were made on the IOTA network due to the suspension of the wallet that was attacked. Andresen said that he could not determine from the price chart which of the projects was experiencing problems.
“Probably nobody is thinking, and it is all day traders and bots,” the scientist concluded.