New research has shown that the native currency of blockchain powerhouse, Ethereum is owned by less than 400 people. The users, which are known as whales, were revealed by crypto researchers, Chainalysis who were exploring the impact such users have on the industry. According to the research, that number was actually higher before in previous years though. This is no need to be concerned though. As per the research, “whales are often the scapegoats for any major price fluctuations” but for Ethereum this doesn’t seem to be the case. These traders makeup just a mere 7% of the trading activity and are seemingly merely sitting on the coins. Stating “these whales have no meaningful impact on the price of Ether; they do, however, make the market more volatile on a daily basis with their large sell-offs.” The research did reveal though that these whales can affect volatility though. Attempting to find out whether or not by placing fewer, but larger orders can cause such vast fluctuation similar to what been witnessed over the last few weeks. They used the vector autoregression (VAR) model to test this over a three-year period. They found that when “a whale that sends 1 million USD worth of ether two days ago leads to a 0.1 unit increase in intraday volatility today,” but noted this is very minor. While funds received have no impact. They also found that Ether prices follow Bitcoin prices, with a 1% increase in bitcoin leading to a 1.1% increase in Ether.