New on-chain data shows the world’s largest Ethereum (ETH) holders are significantly reducing their exposure to the volatile crypto markets as the weekend arrives.
According to WhaleStats, the top 100 Ethereum wallets are witnessing large outflows of ETH in the last 24-hours.
At time of publishing, those wallets have collectively sold $783,734 in ETH in the last day as the whales pile into dollar-pegged stablecoins in an apparent effort to avoid a potential move to the downside in the days ahead.
As they lighten their exposure to ETH, those same whales just bought $1,963,431 of the stablecoin USDC, $283,588 of the stablecoin Binance USD (BUSD) and $122,135 of Tether (USDT).
The move follows a pattern in recent weeks, with some traders apparently fearing lower volume