Ethereum whales are trading huge volumes of ETH, marking the highest one-day whale activity since January. Despite the losses in the altcoin market, Ethereum whales have been buying and selling ETH at an unprecedented rate since January of this year.
Transactions reached the highest level since January
According to Santiment, Ethereum whales processed a total of 2,956 transactions worth more than $1 million each on Wednesday, making this day the largest whale transaction in almost five months. Whales are wallets that usually contain funds from 1 to 10 million dollars.
The data comes at a time when the ETH/Bitcoin (BTC) pair maintains its relative strength despite the Terra crash, which continues to put downward pressure on the market and the general mood. In the first days of the week, on May 6, the ETH/BTC rate reached a three-week high. It also marks a major breakthrough, especially as both Bitcoin and Ethereum are approaching what Santiment calls “historical buying zones.”
As the altcoin market is falling, not only Ethereum whales are busy.
According to Glassnode, the largest one-day transfer of bitcoin (BTC) from whale wallets to exchanges took place on Wednesday. Carlos Gomez, chief investment officer of crypto hedge fund Belobaba, says this type of market activity may mean that crypto investors are closer than they think to the bottom of the current market decline.
Gomez said the graph above shows “the well-coordinated movement of most large stilts during a given 24-hour window,” meaning whales continue to hunt for weak hands. He adds that it’s hard to tell if the bottom is really inside. However, according to the manager of the cryptocurrency hedge fund, BTC, ETH and the broader altcoin market may trade at a higher level after a while:
