Although some people have expressed concerns about the selling behavior of Ethereum whales, according to some experts' views and data analysis, Glassnode's data does not seem to be complete and may not fully support that viewpoint.

Author: Pedro Solimano / Source: Decrypt

https://decrypt.co/201674/bitcoin-ethereum-whale-comparison-glassnode

This week, observers have found a sharp contrast between the large holders of the two top cryptocurrencies in the market, highlighting seemingly opposite sentiments between Bitcoin and Ethereum whales. According to on-chain analysis company Glassnode's data, the number of Ethereum whales holding 1000 or more ETH (worth about $1.5 million) has been sharply declining since 2020, with $20 million worth of ETH being sold.
On the other hand, Bitcoin whales have been quietly accumulating. Those holding 1000 or more BTC (about $26.9 million) have remained relatively stable during the same period, despite a few significant drops possibly due to the FTX crash or profit-taking after the bull market success in 2021, but that trend has now disappeared.
The significant difference in whale activity has led to a series of theories shared on social media, with prominent figures in the Bitcoin space seizing the opportunity to take shots at the Ethereum community.
Steven Lubka, head of private client services at Bitcoin financial services company Swan, told Decrypt that his company has found a large number of high-net-worth individuals (HNWIs) seeking to exchange ETH for BTC. He first pointed out legal issues surrounding the industry.
"Ethereum is facing regulatory pressure, while Bitcoin is not," he said.
His viewpoint resonated with Jesse Shrader, CEO and co-founder of Lightning Network data analysis company Amboss.
"Bitcoin provides a simple function: better money," Shrader said. On the other hand, "while Ethereum offers fascinating complexity, it may lose control due to smart contracts and critical hard fork protocol changes."
But Glassnode's data and the conclusions drawn from it seem to be inconsistent.
"Has the chart been correctly adjusted for staking?" asked Kunal Goel, senior research analyst at Messari. He explained to Decrypt that "transfers to staking contracts may look like on-chain sales, but they are not actual sales."
Currently, staking in the Ethereum network requires users to lock (or stake) 32 ETH in a smart contract to help the blockchain validate transactions. This seems to be one of the reasons for the large entities reducing their holdings.
Goel added that while the significant difference in dollar amounts between large holders does not hinder whale comparisons, "the data needs to be correct."
Andre Dragosch, research director at crypto asset management company German Digital Assets AG (DDA), agreed with Goel's viewpoint. He called the Ethereum whale sell-off a farce and pointed out that the proportion of Ethereum stored in smart contracts has been "correspondingly increasing."
He emphasized on Twitter that Glassnode does not include the supply of Ether stored in smart contracts tied to the whale supply metric mentioned earlier, and in fact, the proportion of ETH supply held by the top 1% of addresses has not decreased at all.
At first glance, these numbers may seem different, but they actually tell the same story: Bitcoin and Ethereum whales continue to be bullish.

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