Despite widespread losses published throughout the crypto market, Ethereum’s whales are busy buying and selling Ether (ETH) at a rate not seen since January this year.
According to Santiment, Ethereum’s whales made a total of 2,956 transactions, each worth more than $ 1 million on Wednesday, marking the highest day of whale transactions in nearly five months. Santiment clarified that whales are usually defined as any account with between $ 1 million and $ 10 million.
#Ethereum kits are extremely active today, launching 2,596 transactions worth $ 1 million or more. This is the highest day of whale transactions since January and something to watch for if $ ETH falls below $ 2k for the first time since last July. https://t.co/FZoTsFJwEn pic.twitter.com/MVFEpzysxN
– Santiment (@santimentfeed) May 11, 2022
The data comes as the ETH / BTC leveling also continues to show relative strength, despite the Terra-based contagion, which 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 a market analysis by Cointelegraph, the leveling hints at a potential breakthrough, especially as both Bitcoin (BTC) and Ether are approaching what Santiment called their “historical shopping areas ”
In particular, Ethereum has grown by almost 250% compared to bitcoin since Beacon Chain was actively launched, marking the beginning of its migration to proof-of-stake in December 2020.
Not only the Ethereum whales were also busy – according to Glassnode, Wednesday marked the largest one-day bitcoin transfer from Whale Entities to exchanges.
Speaking to Cointelegraph, Carlos Gomez, chief investment officer at Belobaba crypto hedge fund, said this type of market activity could mean that crypto investors are closer to the bottom of the current market downturn than they realize.
Isn’t that clear enough? pic.twitter.com/PQwfb6Eu4z
– Carlos Gomez (@hedgefundcarlos) May 11, 2022
Gomez said the chart above showed “clearly coordinated movement of most of the large holders in a specific 24-hour window”, which means that whales continue to hunt for weak hands.
Related: 10-month low prices of BTC cause liquidation of 1 billion dollars, as bitcoin expects a gap of 35,000 CME futures
Gomez added that it is difficult to say whether the bottom is good and true, but he suggested that “recent evidence shows that we are not too far from it – the only thing is that we may have to live down here at these levels. for a few weeks before re-uploading “