Ethereum whales have been transacting a huge volume of Ethereum, marking the highest one day whale activity since January.
Despite widespread losses being posted throughout the crypto market, Ethereum whales have been busy buying and selling Ether (ETH) at a rate not seen since January this year.
According to data from Santiment, Ethereum whales made a total of 2,956 transactions, each valued at over $1M on Wednesday, marking the highest day of whale transactions in nearly 5 months. Santiment clarified that whales are typically defined as any account holding between $1M to $10M.
The data comes as the ETH/BTC paring also continues its display of relative strength, despite the Terra-based contagion that continues to put downward pressure on the market and general sentiment.
Earlier this week on May 6, ETH/BTC reached a three week high and according to market analysis the paring is hinting at a potential breakout, particularly as both Bitcoin (BTC) and Ether approach what Santiment has called their “historic buy zones.”
Notably, Ethereum has grown by nearly 250% against Bitcoin since the Beacon Chain went live, marking the beginning of its migration to proof-of-stake in December 2020.
It isn’t just the Ethereum whales that have been busy either — according to data from Glassnode, Wednesday also marked the largest one day transfer of Bitcoin from Whale Entities to exchanges.
Carlos Gomez, the Chief Investment Officer at Belobaba crypto hedge fund said that this type of market activity may mean crypto investors are closer to the bottom of the current market dip than they realize.
Gomez said that the above graph shows a “clearly coordinated movement of most of the large holders in a specific 24-hour-window,” meaning that whales are continuing to hunt for weak hands.
( Tom Mitchelhill, Cointelegraph, 2022 )