Ethereum whales are trading massive amounts of ETH marking the highest one-day whale activity since January. Despite the losses in the altcoin market, Ethereum whales are busy buying and selling ETH at an unprecedented rate since January of this year.
Transactions hit the highest point since January
According to data from Santiment, Ethereum whales processed a total of 2,956 transactions worth over $1M each on Wednesday, the highest in nearly five months. It was the day of transactions. Whales are wallets that typically hold between $1 million and $10 million in funds.
Data, ETH/Bitcoin (BTC) pair, market and general It comes at a time when it continues to show relative strength despite the Terra collapse, which continues to put downward pressure on sentiment. In the first days of the week, on May 6, ETH/BTC hit a three-week high. It also marks a major breakout, especially as both Bitcoin and Ethereum approach what Santiment calls “historic buy zones.”
As the altcoin market plummets, it’s not just Ethereum whales that are busy
According to data from Glassnode, the largest one-day transfer of Bitcoin (BTC) from whale wallets to exchanges took place on Wednesday, according to data from Glassnode. Carlos Gomez, chief investment officer at Belobaba crypto hedge fund, says this type of market activity could mean crypto investors are closer than they realize to the bottom of the current market drop.
Gomez says the graphic above means whales continue to hunt for weak hands. He said that “most large hodls show clearly coordinated movement within a given 24-hour window.” He adds that it is difficult to tell if the bottom is well and truly in. However, according to the crypto hedge fund manager, BTC, ETH and the broader altcoin market could be trading at higher levels sometime:
Recent evidence suggests we are not far from that – the only thing is, we may have to live around. We could trade at these levels for a few weeks before rising again.
As quoted by Kriptokoin.com, a new bid has been launched to burn the remaining UST to fix the UST price. We have covered the details in this article.
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