In the past six months, ETH whales have actually been quietly offloading

Two days ago, I wrote an article titled "近半年ETH活跃地址数与价格的关系", revealing that the number of active addresses per week has fallen below 2.2 million, indirectly reflecting the reasons for ETH's lackluster price.

Today, let's analyze the relationship between the number of new addresses (new users) for the past six months, $ETH , and the price, and we find that a divergence has occurred between these two data indicators recently, which is a bit strange. I will provide possible reasons behind the data at the end of the article.

Looking at two time periods, during the "Trump Trade"—from the end of October last year to early December, the number of new ETH address users remained between 75,000-88,000, showing a positive correlation with the ETH price. This is understandable; new retail investors keep coming in to take over, which helps maintain the price.

However, since the beginning of December 2024, after the "Trump Trade" ended, the number of new users dropped to 71,000 on January 9, and then began to rise again, especially from the end of March to April, where the number of new users increased to around 85,000, reflecting that new users are buying in at low prices. However, on-chain data shows that the number of active addresses is on a downward trend, which can only indicate that the whales are offloading, while most investors remain inactive.

Don't think that whales and the market judgment abilities are stronger than those of retail investors; recently, the Trump family's WLF's ETH has also suffered losses.

...................................

If this post is useful to you, please like, comment, and share to encourage support, thank you.