Ethereum Spot ETF Hype: ETH Whale Activity 64% More Than BTC
25 Juillet 2024 - 7:30AM
NEWSBTC
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 Santiment, 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. Related Reading: XRP Whales
Go On $84 Million Buying Spree: Rally To Continue? 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
IntoTheBlock 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. Related Reading: Chainlink (LINK) Forms Signal That Last
Led To 123% Rally 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
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