Ethereum’s price surge and increased whale activity are grabbing the attention of market participants as the cryptocurrency reaches a three-month high. Currently trading at around $2,800, Ethereum has gained 8% in the past 24 hours, pushing its market cap above $336 billion. With a trading volume of $38 billion and a daily increase of 27%, Ethereum is attracting significant interest.
However, alongside the price hike, there has been a notable surge in whale transactions. Data from IntoTheBlock reveals a 60% increase in the number of large transactions (worth at least $100,000) on November 6, reaching a three-month high of 7,270 unique transactions. These large holders moved over $8.7 billion worth of ETH on this day.
Interestingly, while whale activity has been booming, there has been a recent slowdown in ETH whale accumulation. In the past week, the net inflow of large holders decreased from 91,300 ETH to 5,930 ETH. This decline could be attributed to uncertainty among Ethereum whales, potentially linked to the influence of the U.S. presidential election news on the market surge.
It’s worth noting that 53% of the ETH supply is currently held in whale addresses. If these whales decide to deposit their holdings into exchanges, it could trigger fear, uncertainty, and doubt (FUD) among retail investors.
On the exchange front, Ethereum’s net inflow dropped to 4,170 ETH yesterday, following a significant decline from Tuesday’s 71,720 ETH.
With 71% of ETH holders currently in profit, a mild profit-taking scenario is likely. Moreover, over 74% of addresses have been holding ETH for more than a year, indicating a long-term investment mindset among Ethereum holders.
As the Ethereum bull run continues, all eyes will be on whale activity and its impact on the market.