ETH Whale Wallets Reduce Holdings by 1.7 Million Amid Possible Shift to Staking

Large Ethereum wallets have reduced their combined holdings by approximately 1.7 million ETH over the past three months, according to on-chain analytics firm Santiment.

This decline represents about 2.9% of the ETH held by these wallets, which each hold at least 1,000 ETH.

The reduction does not necessarily indicate whale selling, as only about 300,000 ETH of the decrease appears to have moved to smaller wallets.

A substantial share of the remaining ETH may have been transferred to staking or smart-contract addresses.