Ethereum whales get busy as transactions hit highest point since January

Ethereum whales get busy as transactions hit highest point since January

Although the Ethereum blockchain has seen a sharp decline in transactions over the past few weeks, there is one whopper of an investment that has been ongoing for quite some time. A mammoth transaction that’s been taking place since at least January 7th!

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The “ethereum whales list” is a website that tracks the transactions on the ethereum blockchain. The site has recorded its highest point since January, with over 1.2 million transactions in one day.

Ethereum whales get busy as transactions hit highest point since January

Ethereum whales get busy as transactions hit highest point since January

 

Despite massive losses throughout the cryptocurrency market, Ethereum whales have been purchasing and selling Ether (ETH) at a pace not seen since January of this year.

According to Santiment statistics, Ethereum whales performed 2,956 transactions worth over $1 million on Wednesday, the largest day of whale transactions in over five months. Whales, according to Santiment, are accounts with a balance of $1 million to $10 million.

The whales of #Ethereum have been quite active today, with 2,596 transactions worth $1 million or more. This is the most whale transactions in a single day since January, and something to keep an eye on if $ETH falls below $2k for the first time since July. https://t.co/FZoTsFJwEn pic.twitter.com/MVFEpzysxN

May 11, 2022 — Santiment (@santimentfeed)

Despite the Terra-based contagion that continues to exert negative pressure on the market and overall mood, the ETH/BTC paring continues to exhibit relative resilience.

On May 6, ETH/BTC hit a three-week high, and according to Cointelegraph’s market research, the paring is pointing to a possible breakout, especially as both Bitcoin (BTC) and Ether approach what Santiment refers to as their “historic purchase zones.”

Since the Beacon Chain went online, signalling the start of Ethereum’s migration to proof-of-stake in December 2020, Ethereum has surged by roughly 250 percent versus Bitcoin.

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It’s not only the Ethereum whales who’ve been active; according to Glassnode statistics, Wednesday saw the greatest single-day movement of Bitcoin from Whale Entities to exchanges.

Carlos Gomez, the Chief Investment Officer of Belobaba crypto hedge fund, told Cointelegraph that this sort of market action might indicate that crypto investors are closer to the bottom of the current market drop than they know.

Isn’t that obvious? pic.twitter.com/PQwfb6Eu4z

May 11, 2022 — Carlos Gomez (@hedgefundcarlos)

The accompanying graph, according to Gomez, reveals a “clearly coordinated movement of most of the huge holdings in a certain 24-hour-window,” indicating that whales are still hunting for weak hands.

Related: Bitcoin price lows cause $1 billion selling as $35K CME futures gap looms

Gomez said that it’s difficult to determine if the bottom has been reached, but that “recent evidence suggests that we’re not too far from it – the only problem is, we may have to live down here for a few weeks before moving up again.”

The “ethereum transactions per second” is a metric that measures the number of transactions on the Ethereum network. The highest point since January was reached in April, and it has been steadily increasing ever since.

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