The difference in the success rates for large and small investors in ethereum is even greater than is the case for “whales” and “minnows” in traditional assets, according to a new study.

Researchers at the Federal Reserve Bank of Philadelphia find that owners of large amounts of the cryptocurrency tend to increase their holdings before a price rise. Smaller investors, by contrast, tend to reduce theirs.

“Cryptocurrency markets are often characterised by market manipulation or, at the very least