Whale Activity Declines On Ethereum
Ethereum (ETH) has been experiencing a period of consolidation above the $1,800 mark in the past week, accompanied by a notable decrease in whale activity. Market intelligence platform Santiment reported that Ethereum whales’ transactions have been on a continuous downward trend. On August 1, these whales completed 3,976 transactions, each valued at least $100,000. However, in the last 24 hours, only 744 such transactions were recorded. Similarly, transactions consisting of at least $1 million worth of ETH dropped from 672 to 95 at the time of writing.
Ethereum whales’ activity has been constantly on a downward momentum, according to Santimenthttps://t.co/NK3NFhfZ7z
— crypto.news (@itscrypto_news) August 7, 2023
Whale’s Dramatic $4.5B Move
In contrast to the overall decline in whale activity, one Ethereum whale, known as nd4.eth, made headlines after sending 2,500 coins to a dead wallet. The act was allegedly triggered by the whale’s claim that his “girlfriend” had cheated on him. The tokens burned in this dramatic event are currently valued at over $4.5 billion. Despite this loss, nd4.eth still holds an impressive portfolio, including 32 different crypto assets and a CryptoPunk NFT, together worth approximately $196,000.
On-chain data analyzed by Santiment revealed another intriguing trend – the amount of Ethereum supply held outside exchanges has been steadily rising since March. Currently, 35.9 million coins are sitting in non-exchange addresses, indicating signs of long-term accumulation by investors.
Positive Uptick Amidst Volume Surge
During the same period of consolidation, Ethereum’s price has ranged between $1,825 and $1,870. At the time of writing, the asset has seen a slight uptick of 0.2% in the past 24 hours, trading at approximately $1,830. This positive movement coincides with a notable surge in ETH’s 24-hour trading volume, which has increased by 25% and currently stands at over $3.5 billion.
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As Ethereum’s whale activity wanes and long-term holders accumulate, the market sentiment seems to remain relatively stable. Traders and investors are closely watching for any significant price movements that may lead to a breakout from the current consolidation phase. The cryptocurrency community continues to speculate on the future trajectory of Ethereum’s price, given its historical volatility and potential for significant gains.
