BlockBeats News, May 20th, according to analyst Alicharts, in the past two months, approximately 60 whale addresses holding at least 10,000 ETH have emptied their holdings.

Alicharts stated that when entities holding positions worth millions of dollars exit the network in such a short time frame, it usually indicates institutional profit-taking and asset reallocation. These major players are taking advantage of recent liquidity to reduce risk, reflecting a significant lack of confidence in the mid-term outlook.

Furthermore, the decrease in whale count aligns perfectly with the recent influx of funds into exchanges. Data indicates that the path of least resistance in the short term continues to be downward. Therefore, attention is needed on the $2,000 support level for Ethereum.