On-chain data shows whale activity on the Ethereum blockchain has been quite high recently due to the excitement around the spot exchange-traded funds (ETFs).
Ethereum Whales Showing Significantly Higher Activity Than Bitcoin Ones
According to data from the on-chain analytics firm , Ethereum whales have been displaying considerable activity recently. The indicator of relevance here is the “Whale Transaction Count,” which keeps track of the total amount of transfers happening on any given network carrying a value of at least $100,000.
Transfers exceeding this amount are generally associated with the whales, so this indicator’s value can provide insight into the activity of these humongous investors.
When the metric’s value is high, the blockchain is currently observing many large transactions. Such a trend implies the whales have an active interest in trading the asset.
On the other hand, the low indicator suggests the whales may not be paying much attention to the cryptocurrency as they aren’t making that many transfers.
Now, here is a chart that shows the trend in the Whale Transaction Count for the top three coins in the sector, Bitcoin (BTC), Ethereum (ETH, and Tether (USDT), since the start of the year:
As is visible in the above graph, the Whale Transaction Count for Ethereum has been the highest out of these three assets recently. More specifically, ETH has seen 77,200 whale transactions since the 17th of this month, notably higher than BTC’s 47,000 or USDT’s 34,100.
The sharp spike in activity for the asset is likely the hype around the spot ETFs, which, after much anticipation, have finally been launched after gaining approval by the US Securities and Exchange Commission (SEC).
The Whale Transaction Count would suggest the whales had started repositioning themselves before this launch. It’s hard to say, though, what type of activity exactly these large holders were participating in based on this indicator alone.
Given that the event was considered bullish, it would make sense if the whales were buying. Data from the market intelligence platform has confirmed that large holders have recently increased their supply.
IntoTheBlock defines “large holders” as investors who own at least 0.1% of the entire Ethereum supply in circulation. From the chart, it’s apparent that the netflow into the wallets of this cohort has remained positive over the past week, which coincides with the period that the whales have been active.
Yesterday alone, the Ethereum large holders bought 112,900 ETH, equivalent to around $391 million at the current exchange rate. “This accumulation notably surpasses the $106 million net inflows to the ETF,” notes the analytics firm.
ETH Price
At the time of writing, Ethereum is trading at around $3,460, unchanged from one week ago.
Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
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