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Ethereum Whales Are Working Overtime As Transactions Reach New Highs Not Seen Since January

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  • The accompanying graph, according to Gomez, reveals a clearly coordinated movement of most of the huge holders in a certain 24-hour-window, indicating that whales are still hunting for weak hands.
  • Whales, according to Santiment, are accounts with a balance of $1 million to $10 million. Despite the Terra-based contagion that continues to put negative pressure on the market and general sentiment, the ETH/BTC pairing continues to exhibit relative strength.
  • Since the Beacon Chain went live, signaling the start of Ethereum’s migration to proof-of-stake in December 2020, Ethereum has surged by roughly 250 percent against Bitcoin.

Ethereum whales have been exchanging a massive amount of Ethereum, the most in a single day since January. Despite massive losses across the cryptocurrency market, Ethereum whales have been purchasing and selling Ether (ETH) at a rate not seen since January of this year. According to Sentiment data, Ethereum whales made 2,956 transactions worth over $1 million on Wednesday, the largest day of whale transactions in nearly five months. 

Ethereum Has Surged By Roughly 250 Percent Against Bitcoin

Whales, according to Santiment, are accounts with a balance of $1 million to $10 million. Despite the Terra-based contagion that continues to put negative pressure on the market and general sentiment, the ETH/BTC pairing continues to exhibit relative strength.

 On May 6, ETH/BTC hit a three-week high, and according to Cointelegraph’s market research, the pairing is pointing to a possible breakout, especially as both Bitcoin (BTC) and Ether approach what Santiment refers to as their historic purchase zones. Since the Beacon Chain went live, signaling the start of Ethereum’s migration to proof-of-stake in December 2020, Ethereum has surged by roughly 250 percent against Bitcoin.

ALSO READ – Blockchain services provider Elrond partners with Anchain to prevent fraud 

Bitcoin From Whale Entities To Exchanges

It’s not just the Ethereum whales who’ve been busy; according to Glassnode data, Wednesday saw the greatest single-day transfer of Bitcoin from Whale Entities to exchanges. Carlos Gomez, the Chief Investment Officer at Belobaba crypto hedge fund, told Cointelegraph that this type of market action could indicate that crypto investors are closer to the bottom of the current market drop than they know.

The accompanying graph, according to Gomez, reveals a clearly coordinated movement of most of the huge holders in a certain 24-hour-window, indicating that whales are still hunting for weak hands. Gomez added that it’s difficult to determine whether the bottom has been reached, but that recent evidence shows that we’re not too far from it – the only problem is, we may have to live down here for a few weeks before moving up again.

Nancy J. Allen
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