Ethereum whales have faced widespread losses in recent months, but that has not stopped them from trading in huge volumes, something not witnessed since January.
Data from cryptocurrency data feed for investors, Santiment, reveals that Ethereum whales were involved in 2,956 high-volume transactions on Wednesday alone, each with a value of more than $1M. It marks the highest single-day whale transaction in close to 5 months. Whales are defined typically as an account held in the range of $1M to $10M.
This piece of information comes even as the Ethereum-Bitcoin pairing continues its exhibition of comparative strength. This has taken place despite the contagion linked to Terra that carries on exerting pressure on general sentiments and the market.
Early in the week, Ethereum-Bitcoin managed to climb to a 3-week-high. Market analysis by Cointelegraph showed that the pair have hinted at the potential of a breakout. This is particularly possible as both Ethereum and Bitcoin are approaching their significant buy zones.
Increase Not Limited To Ethereum
Ethereum has grown close to 250% against market leader Bitcoin even after Beacon Chain was set up live. It marks the commencement of the migration in December to PoS.
And it is not merely the Ethereum whales who have been the most active. Glassnode data revealed that Wednesday also witnessed the largest transfer of Bitcoins from Whales to exchanges.
This sort of activity in the markets indicates that crypto investors may be close to the lowest point of the market dip, and it could be closer than investors realize.
Carlos Gomez of Belobaba crypto said the data clearly revealed coordinated movements of almost all large holders within the confines of 24 hours. It means that the whales are continuing their hunt for fragile hands.
Gomes adds that it was hard to judge whether the prices have bottomed out, but he suggested that recent evidence revealed that we could be close to it. But he also said that the prices could remain low for a few weeks before they move north.