The activity of Ethereum whales has increased sharply in recent days. Yesterday alone, there were nearly 2,600 transactions totaling over $1,000,000 each. This is the most number of transactions in one day since January.
Today’s #Ethereum whales were extremely active, completing 2,596 transactions worth $1M or more. This is the most whale transaction day since January. It will be interesting to see if $ETH drops below $2k, as this was the case last July. https://t.co/FZoTsFJwEn pic.twitter.com/MVFEpzysxN
— May 11, 2022, Santiment (@santimentfeed).
According to the company, this activity surged amid the shockwaves that rocked the crypto market. Ethereum was at $3,000 from May 5th to $300 per minute before plummeting by $300 in a matter of minutes. The situation worsened over the next days and ETH was fighting to remain above $2,000.
Yesterday, this psychological support line gave up and the ether was lowered to $1700. This was the lowest price it has seen since April last year. However, ETH reacted positively to the drop and trades at around $2,100.
Recent Behavior of Ethereum Whales
Santiment claims that an Ethereum investor who has earned $1 million or more is considered a whale.
These addresses would have to be $100k or more for many assets. Due to the uncomparable market caps, whales for Bitcoin and Ethereum are usually more defined as anywhere from $1M or higher to $10M or greater (depending upon current price levels). This was explained by the firm last month.
Santiment reported on May 2 that deep-pocketed Ethereum investors had begun to aggressively accumulate ETH following four months of inactivity. According to market intelligence, entities with 1,000-10,000 ETH had suddenly acquired a total of 142,000 ETH. This is approximately $407,415.040.
The Ethereum ecosystem is gearing up for The Merge, its biggest event. This will see the blockchain adopt a proof-of–stake consensus algorithm in place of the controversial proof-of work.
This transition was viewed as highly bullish by prominent institutional investors who want to join the ranks.
According to Ethereum.org, there are more than 12,500,000 units of ETH staked by nearly 400,000 validators as at today. The ecosystem’s burning program continues to have a significant effect on the market price. Over 2.3 million ETH have been wiped out of existence.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.