Ethereum whales account for just 7 percent of transaction activity in the market – but they control a third of the cryptocurrency’s entire circulating supply. That’s according to a new study by Chainanalysis which found that although these whales don’t have a sizeable impact on Ether’s price, their large sell-offs do make the market more volatile on a daily basis. For context, whales are defined as the top 500 cryptocurrencies excluding services, who keep their coins off exchanges. As of May 1, 2019, Chainalaysis’ research showed that out of the top 500 holders, 124 were services and the remaining 376…

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