Ethereum set for huge rally as whale activity hits 6-month high
As bullish sentiment returned to the wider cryptocurrency market, so did the fear of missing out (FOMO) among the holders of the sector’s most prominent assets, particularly Ethereum (ETH), which has recorded...
As bullish sentiment returned to the wider cryptocurrency market, so did the fear of missing out (FOMO) among the holders of the sector’s most prominent assets, particularly Ethereum (ETH), which has recorded the highest amount of whale transactions in the last six months.
Indeed, Ethereum whale transactions, specifically those above $100,000, have skyrocketed to a six-month high, while the supply of ETH on exchanges has hit a record low since its genesis in 2015, according to the data shared by blockchain analytics platform Santiment on October 25.
Specifically, the number of Ethereum transactions valued at $100,000 and higher reached 6,049 on October 24, making it the highest day since April 2023, whereas the supply of ETH on crypto exchanges has dropped to 8.41%, the lowest amount since July 2015.
At the same time, Bitcoin (BTC), Cardano (ADA), and Dai (DAI) are witnessing massive increases in whale activity themselves, with Bitcoin recording 14,833 of $100,000+ transactions on October 24, the most since June’s news of the multiple filings for a spot Bitcoin exchange-traded fund (ETF), according to the blockchain platform’s analysis.
Ethereum price analysis
Elsewhere, the price of Ethereum at press time stood at $1,785.93, suggesting a decline of 3.35% in the last 24 hours but still holding onto the 13.04% gain accumulated in the previous seven days, as well as the increase of 13.79% over the past month.
Meanwhile, renowned pseudonymous crypto expert CoinsKid observed that Ethereum might be “gearing up for the last leg, the blow-off top of this cycle,” which refers to a sudden increase in price and volume, typically followed by a sharp drop in price and volume, in an analysis shared on October 25.
Notably, a rise in whale transfers often signifies increased investor interest, but caution is necessary as things can change rapidly in this sector, which is why one should carry out their own research and risk analysis before buying any cryptocurrency.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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