Bitmex, a decade-old cryptocurrency exchange, is home to a substantial number of crypto whales. A recent analysis indicates a correlation between the movements of Ethereum (ETH) reserves and its price. Notably, a surge in Ethereum reserves is often followed by a dip in its price. On September 28, Bitmex's reserves experienced a sharp drop, which subsequently led to an increase in ETH's price.

This trend suggests that when Ethereum whales on Bitmex make purchases, the exchange's reserves decrease. Conversely, when they sell, the reserves increase. This insight could be valuable for traders and investors in predicting market trends and making informed decisions.

The analysis, provided by BlitzzTrading, underscores the influence of large-scale investors on the crypto market. It also highlights the importance of monitoring on-chain data and exchange reserves in understanding market dynamics.