![Ethereum [ETH] sharks and whales are not backing away from the coin, here’s why](https://coinlocally.com/e-learning/wp-content/uploads/2023/04/Ethereum-ETH-sharks-and-whales-are-not-backing-away-from-the-coin-heres-why-1024x576.jpg)
The amount of Ethereum held by whales and sharks has increased, with 7091 addresses now holding 1,000 or more ETH. This shows that despite brief price changes, this group maintains a bullish long-term perspective. The development activity for Ethereum, meanwhile, has diminished, indicating a slowdown in significant innovation. The Market Value to Realised Value Ratio (MVRV) of Ethereum was 22.79%, indicating that during the previous year, sharks increased their earnings. However, there have been rumblings of a bull market recovery, which might dispel rumors that ETH is overpriced at the MVRV spot.
The number of active addresses fell from 7.9 million to 5.8 million over the past 30 days, indicating a slowdown in Ethereum network activity. In most of 2022, ETH circulation decreased but has since improved to 46.8 million.
