Ethereum Hits $2,800 with Surge in Whale Transactions

The
popular
cryptocurrency,
Ethereum
(ETH),
is
witnessing
a
significant
surge
in
interest
from
its
large
holders,
as
its
price
has
recently
crossed
the
three-month
high
of
$2,800.
In
the
last
24
hours,
Ethereum
saw
an
8%
increase
and
is
currently
floating
around
the
$2,800
mark,
pushing
its
market
cap
over
$336
billion.
The
trading
volume
for
Ethereum
also
soared
by
27%,
reaching
a
staggering
$38
billion.

Earlier
in
the
day,
Ethereum
reached
a
local
peak
of
$2,870,
but
a
swift
correction
was
observed
due
to
short-term
profit-taking.
This
price
hike
was
accompanied
by
a
substantial
increase
in
large-scale
transactions,
often
referred
to
as
‘whale
transactions’.
Data
provided
by
IntoTheBlock
indicates
a
60%
surge
in
large
Ethereum
transactions,
defined
as
those
worth
at
least
$100,000,
on
Wednesday,
November
6th.
This
propelled
the
number
of
unique
transactions
to
a
three-month
high
of
7,270.

Parallel
data
from
ITB
reveals
that
these
large
holders
transferred
over
$8.7
billion
worth
of
Ethereum
yesterday
alone.
However,
there
has
been
a
noticeable
slowdown
in
the
accumulation
of
Ethereum
by
these
whales
over
the
past
week.
The
net
inflow
of
the
asset
by
large
holders
declined
from
91,300
ETH
on
October
31st,
to
a
mere
5,930
ETH
on
November
6th.

This
reduction
in
whale
activity
may
indicate
a
level
of
uncertainty
amongst
large
Ethereum
holders.
The
recent
market
surge
has
been
largely
influenced
by
news
surrounding
the
U.S.
presidential
election.

Of
note
is
the
fact
that
53%
of
the
total
Ethereum
supply
is
held
in
whale
addresses.
If
these
holders
begin
depositing
their
Ethereum
into
exchanges,
it
may
trigger
a
fresh
wave
of
fear,
uncertainty,
and
doubt,
commonly
referred
to
as
FUD,
amongst
retail
investors.

According
to
ITB
data,
the
Ethereum
exchange
net
inflow
dipped
to
4,170
ETH
yesterday,
following
a
significant
decline
from
Tuesday’s
71,720
ETH.
Currently,
71%
of
Ethereum
holders
are
in
profit.
A
mild
profit-taking
scenario
is
considered
normal,
as
over
74%
of
the
addresses
have
held
Ethereum
for
more
than
a
year.

In
conclusion,
Ethereum’s
recent
price
surge
and
the
increase
in
large
transactions
underscore
the
continued
interest
and
speculation
in
the
cryptocurrency
market.
This
dynamic,
coupled
with
the
response
of
large
holders
to
market
changes,
continues
to
keep
the
cryptocurrency
landscape
both
exciting
and
unpredictable.