Ethereum Whale Count Drops: Analyst Sees No Bearish Signal

Recent on-chain data analysis from cryptocurrency expert Joao Wedson suggests that the number of Ethereum whales is declining. Despite this trend, ETH’s price is steadily rising, with both total holdings and the proportion held by large addresses decreasing daily. Wedson argues that this doesn’t signal a bearish outlook, citing historical patterns observed in Bitcoin as evidence. He emphasizes that the true driver of market movements is not whales but rather mid-sized investors, also known as