On-chain data suggests the Ethereum whales have shown a burst of activity recently. Here’s what these titans have been up to.
Ethereum Whale Transactions Reach Their Highest Level Since March
In a new post on X, the market intelligence platform IntoTheBlock discussed the recent activity of ETH whales.
The on-chain metric of interest here is the “Number of Large Transactions,” which tracks Ethereum transactions valued at more than $100,000. Such large transactions are typically associated with whale entities, as only they can make such significant movements.
The Number of Large Transactions indicator helps determine whether this group is currently active. The chart below shows the recent trend in this Ethereum metric.
The graph reveals a sharp increase in the number of large Ethereum transactions, suggesting that whale activity has ramped up.
This surge in activity coincides with news that ETH spot exchange-traded funds (ETFs) could have improved approval odds. The resulting market hype has driven ETH prices back to around $3,800.
Given these market developments, it’s natural for these large investors to reposition themselves. The scale of their transactions can significantly impact the market, potentially causing volatility if high whale activity continues.
The direction of this volatility depends on whether these investors are buying or selling. IntoTheBlock’s data offers insights through the “Large Holders Netflow” chart.
This indicator measures the net amount of Ethereum moving into or out of the wallets of “Large Holders,” defined as those owning at least 0.1% of the total circulating supply.
The chart shows that Large Holders have been accumulating recently, with a positive net flow. This indicates that recent whale activity involves net-buying.
Whether these large investors will continue this trend in the coming days remains to be seen, but their actions could potentially fuel the ongoing rally.
ETH Price
At the time of writing, Ethereum is floating around $3,750, up more than 26% over the past week.