Ethereum Spot ETF Hype: ETH Whale Activity 64% More Than BTC

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As a seasoned financial analyst with extensive experience in cryptocurrency markets, I have closely monitored the recent surge in whale activity on the Ethereum blockchain. The data from Santiment revealing Ethereum whales’ significant transaction count increase is particularly intriguing to me.

Recent activity by large Ethereum blockchain users, or “whales,” has increased noticeably. This surge in action can be attributed to the heightened anticipation surrounding the potential launch of spot Exchange-Traded Funds (ETFs) on the platform.

Ethereum Whales Showing Significantly Higher Activity Than Bitcoin Ones

Based on information from the cryptocurrency analysis company Santiment, there has been noticeable activity among Ethereum’s large investors or “whales.” The significant indicator in this context is the “Whale Transaction Count,” which records the number of transactions worth over $100,000 that occur on the Ethereum network.

Transactions surpassing this figure are typically linked to the actions of large-scale investors, commonly referred to as “whales.” Consequently, monitoring this metric’s value can offer valuable insights into their investment behavior.

When the metric registers a large value, it signifies that the blockchain is currently handling numerous significant transactions. This pattern suggests that the whales are currently engaged in trading the asset aggressively.

From my perspective as a crypto investor, the low activity indicated by the whale transfer numbers could mean that these large investors aren’t actively engaging with the particular cryptocurrency right now. It doesn’t necessarily imply neglect or disinterest, but rather a lack of significant transactions at this time.

As a crypto investor, I’d like to share with you an insightful chart that illustrates the trend in Whale Transactions for the leading cryptocurrencies – Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) – since the beginning of the year. This data can give us valuable insights into the behavior of large-scale investors in these coins.

In the given graph, it is clear that Ethereum has had the most significant number of whale transactions among the three assets under consideration in recent times. To be more precise, Ethereum has recorded approximately 77,200 such transactions since the 17th of this month. This figure surpasses Bitcoin’s count of 47,000 and Tether’s (USDT) tally of 34,100.

The sudden surge in interest for this asset could be attributed to the highly-anticipated launch of spot ETFs, which have recently received SEC approval and are now available to the public.

Based on the Whale Transaction Count, it appears that the whales may have begun making adjustments to their holdings prior to the launch. However, it’s important to note that this data point doesn’t definitively indicate what specific actions these large investors were taking.

Based on a bullish outlook for the event, it’s logical to assume that big investors or “whales” have been purchasing. According to market intelligence data from IntoTheBlock, these significant investors have indeed upped their holdings.

According to IntoTheBlock, “large investors” are those who hold at least 0.1% of the total Ethereum supply in circulation. The diagram indicates that these investors have experienced a consistent inflow of Ethereum over the past week, which aligns with the timeframe when whales have been actively transacting.

Yesterday, significant Ethereum investors purchased approximately 112,900 ETH, which is equal to around $391 million at present exchange rates. This purchase volume exceeds the $106 million net inflows into the Ethereum ETF as reported by the analytics firm.

ETH Price

At the time of writing, Ethereum is trading at around $3,460, unchanged from one week ago.

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2024-07-25 08:46