Ethereum Whale Transactions Surge Over 50% As ETH Eyes $2,000

Ethereum whales are increasing their activity on the blockchain as it eyes a critical level. This time, the recent increase in their activity has been in the form of transactions. These whale transactions, carrying at least $100,000, are on the rise, so only large holders may be behind the transactions.

Mostly, Ethereum whales have ramped up their activities following the surge in ETH price last week. The first bounce was seen after the crypto broke above $1,900 and since it has continued to hold this level, there has been more stability among whales.

in block statistics Turns out that ETH whales doubled their transaction numbers in just a few days. This increase took his total transactions in two days from 2,120 to 3,230. This jump in the number of transactions represents an increase of over 54% in just 48 hours from July 2 to July 4. In a span of 7 days, around $20 billion has been transferred by ETH whales.

ETH whale transactions cross 3,000 in two days | Source: IntoTheBlock

However, while this surge is significant in itself, it is not unusual for Ethereum to see such a high number of large transactions. For example, by the end of June, total whale transactions had also risen above the $3,000 level.

Ethereum’s holder base is made up of a larger number of whales than its biggest competitor, bitcoin. According to data from IntoTheBlock, while the latter whale holders make up only 11% of the total holder base, Ethereum whale wallets make up 42% of its total wallets. Therefore, it is not unreasonable to have a large volume of large transactions in a short period of time.

How can Ethereum whales affect the price

A large number of whale transactions can have a significant impact on the price of coins such as Ethereum, depending on what the holders of these coins intend to do with them. If these transactions are to sell at least $100,000 worth of coins, the ETH price will see a drop.

However, since the price of ETH has remained relatively stable and is holding the $1,900 support, it is likely that these whales are moving their coins around without selling. Additionally, these on-chain transactions do not indicate a good amount of ETH flowing towards centralized exchanges, further reinforcing the fact that these whales are not moving their coins for the purpose of sale.

However, Ethereum itself has not had the best of days as its trading volume has dropped significantly since Monday. It currently stands at $6 billion, down 27% from Monday’s figure. Nevertheless, its price remains stable with a slight gain of 0.1% as the coin is trading at a price of $1,963.

ETH price trending at $1,962 | Source: ETHUSD on TradingView.com

Featured Image from iStock, Chart from Tradingview.com