Ethereum whales refuse to sell as more ETH flows into DeFi.

[Malam90]

he number of wallets holding over 10K ETH has hardly dropped in four weeks.
The number of addresses holding more than 10,000 ETH has hardly changed since the asset hit an all-time high of $2,050 on Feb. 20.

In fact, according to data from Santiment, the number of wallets holding over 10K ETH — worth around $17.7 million at current prices — has declined by just 0.9% over the past four months. That compares to a 7.2% fall in the number of wallets holding 100 to 10K ETH according to the analytics provider.

A possible explanation for the divergence is that the whale addresses may be owned by entities such as exchanges, large companies, or institutional funds that need to keep the asset on hand or locked up for investment purposes.

ETHhub co-founder Anthony Sassano noted that large companies and institutions are increasingly buying and holding ETH in his March 18 newsletter. Source Link