Ethereum whales get busy as transactions hit highest point since January

CoinTelegraph

Despite widespread losses being posted throughout 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 valued at over $1M on Wednesday, marking the highest day of whale transactions in nearly 5 months. Santiment clarified that whales are typically defined as any account holding between $1M to $10M.

How To Get Free Crypto  

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

Earlier this week on May 6, ETH/BTC reached a three week high and according to market analysis from Cointelegraph the paring is hinting at a potential breakout, particularly as both Bitcoin (BTC) and Ether approach what Santiment has called their “historic buy zones.”

Notably, Ethereum has grown by nearly 250% against Bitcoin since the Beacon Chain went live, marking the beginning of its migration to proof-of-stake in December 2020.

It isn’t just the Ethereum whales that have been busy either — according to data from Glassnode, Wednesday also marked the largest one day transfer of Bitcoin from Whale Entities to exchanges.

Coinbase Banner  

Speaking to Cointelegraph, Carlos Gomez, the Chief Investment Officer at Belobaba crypto hedge fund said that this type of market activity may mean crypto investors are closer to the bottom of the current market dip than they realize.

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

Related: 10-month BTC price lows spark $1B liquidation as Bitcoin eyes $35K CME futures gap

Gomez added that it’s hard to say whether or not the bottom is well and truly in but he suggested that “recent evidence shows that we’re not too far from it — the only thing is, we may have to live down here at these levels for a few weeks before going up again”

Go to Source
Author: Tom Mitchelhill


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.