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Ethereum Whales Come Alive: Are They Buying Or Selling?

Ethereum Whales Come Alive: Are They Buying Or Selling?
© Copyright Image: Crypto Breaking News

On-chain data suggests the Ethereum whales have shown a burst of activity recently. Heres what these titans have been up to.

Ethereum Whale Transactions Are At Their Highest Since March

In a new post on X, the market intelligence platform IntoTheBlock has discussed how the ETH whales have become active recently.

The on-chain metric of interest here is the Number of Large Transactions, which, according to the analytics firm, tracks the total number of Ethereum transactions on the network valued at more than $100,000.

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Generally, only whale entities can make such large single transaction movements, so such large transfers are associated with these humongous investors.

As such, the Number of Large Transactions indicator can tell us whether this cohort is active right now. The chart below shows the recent trend in this Ethereum metric.

The value of the metric appears to have spiked in recent days | Source: IntoTheBlock on X

The graph shows that the Number of large transactions for Ethereum has sharply increased recently. This suggests that the whales have ramped up their activity.

The whales have come alive as news surfaced that the ETH spot exchange-traded funds (ETFs) could have improved their approval odds. The hype in the market has meant that ETH has enjoyed a rapid increase, taking its price back around the $3,800 level.

With all this happening in the market, its only natural that these humongous entities would be repositioning themselves. As the scale of this cohorts transactions is quite big, a large number of them taking place together can be powerful enough to cause ripples in the market. Thus, ETH could likely witness volatility shortly if the current high whale activity persists.

However, the direction this volatility might take on Ethereum depends on whether these investors collectively buy or sell. IntoTheBlock data has also provided hints about this, as the below chart for the Large Holders Netflow shows.

It looks like the value of the metric has been positive recently | Source: IntoTheBlock on X

This indicator measures the net amount of Ethereum moving into or out of the wallets of Large Holders. The analytics firm defines Large Holders as those who own at least 0.1% of the entire circulating asset supply.

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The graph shows that the Large Holders have been participating in accumulation recently, as the netflow has been positive for them. Thus, it appears that the recent activity from the whales has involved net-buying.

It remains to be seen if these humongous entities will continue to display this trend in the coming days, potentially helping fuel the rally.

ETH Price

At the time of writing, Ethereum is floating around $3,750, up more than 26% over the past week.

The price of the asset appears to have registered a sharp increase in the last two days | Source: ETHUSD on TradingView

Featured image from Gabriel Dizzi on Unsplash.com, IntoTheBlock.com, chart from TradingView.com

Source: NewsBTC.com

The post Ethereum Whales Come Alive: Are They Buying Or Selling? appeared first on Crypto Breaking News.

Read more: https://www.cryptobreaking.com/ethereum-whales-come-alive-are-they-buying-or-selling/

Text source: Crypto Breaking News

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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