Activate Ethereum Whales as High Level Hit Transactions Since January

Despite the widespread losses posted across the crypto market, Ethereum whales are busy buying and selling ether (ETH) at a pace not seen since January of this year.

According to data from Santiment, Ethereum whales made a total of 2,956 transactions, valued at over $ 1 million each on Wednesday, celebrating the highest whale trading day in almost 5 months. Santiment a precise whales are generally defined as any account with between $ 1 and $ 10 million.

#EthereumWhales were very active today, releasing 2,596 transactions worth $ 1M or more. This is the highest day of whale transactions since January, and something to monitor if $ ETH falling below $ 2k for the first time since last July. https://t.co/FZoTsFJwEn pic.twitter.com/MVFEpzysxN

– Santiment (@santimentfeed) May 11, 2022

The #Ethereum whales were extremely active today, bringing in 2,596 transactions worth $ 1 million or more. This is the strongest day for whale trades since January, and something to watch if $ ETH falls below $ 2,000 for the first time since last July. https://t.co/FZoTsFJwEn pic.twitter.com/MVFEpzysxN – Santiment (@santimentfeed) May 11, 2022

These data come to light as the ETH / BTC pair continues to grow in strength, despite Terra’s collapse – based infection continuing to put downward pressure on the market and overall sentiment.

Earlier this week, May 6, the ETH / BTC pair hit a three – week high and, according to market analysis from Cointelegraph, the pair suggests a potential breakout, especially since bitcoin (BTC) and ether around what is known as Santiment “.historic shopping areas “.

In particular, the ether against bitcoin has grown by almost 250% since the Beacon network went live, triggering its migration to the Proof of Bet in December 2020.

Ethereum whales weren’t the only ones busy, he said detailsFrom Glassnode, Wednesday also saw the biggest one-day bitcoin transition from whales to exchanges.

Speaking to Cointelegraph, Carlos Gomez, chief investment officer of the Belobaba crypto hedge fund, said that this type of market activity may mean that crypto investors are closer to the bottom of the current low market than they could reach.

Isn’t it clear enough? pic.twitter.com/PQwfb6Eu4z

– Carlos Gomez (@hedgefundcarlos) May 11, 2022

Not clear enough? pic.twitter.com/PQwfb6Eu4z
– Carlos Gomez (@hedgefundcarlos) May 11, 2022

Gomez said the chart above shows “the clear coordinated movement of most large holders within a given 24-hour window,” which means that whales continue to hunt weak hands.

Read also: Low 10-Month BTC Leads to $ 1 Billion Sales, As Bitcoin Targets $ 35,000 CME Futures Gap

Mr Gomez said it was difficult to say whether the base had indeed been reached, but suggested that “recent evidence shows that we are not far from it, the only thing is that we may have to live here at these levels for a period of time. a few weeks before going back up ”.