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On-chain data shows whale activity on the Ethereum blockchain has been quite high recently due to the excitement around the spot exchange-traded funds (ETFs). Ethereum Whales Showing Significantly Higher Activity Than Bitcoin Ones According to data from the on-chain analytics firm Santiment, Ethereum whales have been displaying considerable activity recently. The indicator of relevance here is the “Whale Transaction Count,” which keeps track of the total amount of transfers happening on any given network carrying a value of at least $100,000. Related Reading Transfers exceeding this amount are generally associated with the whales, so this indicator’s value can provide insight into the activity of these humongous investors. When the metric’s value is high, the blockchain is currently observing many large transactions. Such a trend implies the whales have an active interest in trading the asset. On the other hand, the low indicator suggests the whales may not be paying much attention to the cryptocurrency as they aren’t making that many transfers. Now, here is a chart that shows the trend in the Whale Transaction Count for the top three coins in the sector, Bitcoin (BTC), Ethereum (ETH, and Tether (USDT), since the start of the year: The value of the metric appears to have been quite high for ETH in recent days | Source: Santiment on X As is visible in the above graph, the Whale Transaction Count for Ethereum has been the highest out of these three assets recently. More specifically, ETH has seen 77,200 whale transactions since the 17th of this month, notably higher than BTC’s 47,000 or USDT’s 34,100. The sharp spike in activity for the asset is likely the hype around the spot ETFs, which, after much anticipation, have finally been launched after gaining approval by the US Securities and Exchange Commission (SEC). The Whale Transaction…

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Filed under: News - @ July 25, 2024 8:26 pm