Ethereum whales get busy as transactions hit highest point since January

Despite widespread losses across 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 worth over $1 million, on Wednesday, the highest day of whale transactions in nearly five months. sentiment clarified Whales are usually defined as any account between $1M to $10M.

#ethereumWhale’s Whale has been highly active today, closing 2,596 transactions worth $1 million or more. This is the highest day of whale transactions since January, and there is something to watch if $ETH Falls below $2k for the first time since last July. https://t.co/FZoTsFJwEn pic.twitter.com/MVFEpzysxN

— sentiment (@santimentfeed) 11 May 2022

The data comes as the ETH/BTC paring also continues to demonstrate relative strength, despite a Terra-based transition that continues to put downward pressure on the market and general sentiment.

Earlier this week on May 6th, ETH/BTC hit a three-week high and according to Cointelegraph’s market analysis, the paring is indicating a potential breakout, especially in the outlook of both Bitcoin (BTC) and Ether As the sentiment expressed its “Historic purchase area.,

Notably, Ethereum is up almost 250% against Bitcoin since the Beacon Chain went live, marking the start of its migration to Proof-of-Stake in December 2020.

It’s Not Only Ethereum Whales That Are Busy Either – According To information From Glassnode, Wednesday also marked the largest one-day transfer of bitcoin from whale entities to exchanges.

Speaking to Cointelegraph, Carlos Gomez, Chief Investment Officer of Beloba Crypto Hedge Fund, said that this type of market activity could mean that crypto investors are closer to the bottom of the current market decline than they realize.

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

— Carlos Gomez (@hedgefundcarlos) 11 May 2022

Gomez said the graph above shows a “clearly coordinated movement of most large holders in a typical 24-hour window,” meaning the whales are continuing to hunt vulnerable hands.

related: $1 billion in 10-month BTC price liquidates as bitcoin sees $35K CME futures gap

Gomez said it’s hard to say whether the bottom is well and truly down, but she suggested that “recent evidence suggests we’re not that far from it – the only thing is, we need to be at these levels.” But may have to stay here. For a few weeks before going upstairs again.”