Ethereum whale trades hit a four-month high


Ethereum whales have seen a surge in activity over the past few days, generating nearly 2,600 transactions worth over $1 million each yesterday alone. This is the most trading activity of a day since last January.

The company noted that this increase in activity occurred during a market-wide retracement that sent shockwaves through the entire crypto space. Ethereum, for example, stayed at $3,000 until May 5, then plummeted to $300 within minutes. Things got worse the next day and ETH struggled to stay above $2,000.

This psychological support level finally capitulated yesterday and Ether plunged to $1,700. This is the lowest price since April. However, ETH has responded well to the decline and is currently trading at around $2,100.

Ethereum Whale’s Recent Behavior

According to Santiment, an Ethereum investor is considered a whale after earning more than $1 million.

“Many assets have addresses of $100,000 or more. For Bitcoin and Ethereum, due to their unparalleled level of market capitalization, whales are typically defined as between $1 million and over $10 million, depending on current price levels.” – company explanation last month.

On May 2nd, Santiment reported that pocket-heavy Ethereum investors started accumulating ETH aggressively after four months of inactivity. The market intelligence firm found that companies with 1,000 to 10,000 ETH suddenly added a total of 142,000 ETH, which at the time was around $407,415,040.

basic aspect

The Ethereum ecosystem is preparing for its biggest event called The Merge. This event will see blockchains adopt a proof-of-stake consensus algorithm instead of the recently criticized proof-of-work.

This shift was seen as a very optimistic move, with a significant number of institutions and prominent investors wanting to participate.

According to Ethereum.org, the total number of currently staked ETH is over 12.5 million, with around 400,000 validators. Additionally, the ecosystem continues its incineration program, which has a significant impact on market prices. Over 2.3 million ETH have already been consumed.

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