Ethereum Whale Data Needs Context as Top Holders Likely Remain Bullish

Ethereum whales appear to be selling off ETH while Bitcoin whales are accumulating BTC, according to Glassnode data.

Some speculate this shows Ethereum holders are more concerned about regulation and Ethereum's complexity vs Bitcoin's simplicity.

But the data may be misleading as it doesn't account for ETH being locked in staking contracts, which looks like selling.

In fact, the share of ETH supply held by top addresses hasn't declined, suggesting whales remain bullish.

The takeaway is that whale data needs proper context, and Ethereum and Bitcoin whales likely remain generally bullish.