Despite widespread losses in the cryptocurrency market, ethereum whales have been busy buying and selling ether at a pace unprecedented since January.
According to data from Santiment, on Wednesday, Ethereum whales made a total of 2,956 transactions, each of which was worth more than $1 million. This is the highest trading volume of whales in the past five months. Accounts of $1 million to $10 million.
The data comes as ETH/BTC also continues to show relative strength, although bad Terra-based influences continue to put downward pressure on markets and overall sentiment.
Earlier this week (May 6), ETH/BTC hit a three-week high, and according to Cointelegraph's market analysis, ETH/BTC hinted at a potential breakout, especially as both Bitcoin and Ethereum approached the Santiment When the so-called "historical buying area".
It is worth noting that Ethereum has grown by nearly 250% relative to Bitcoin since the launch of the Beacon Chain. The launch of the Beacon Chain marks the migration of Ethereum to Proof of Stake in December 2020.
It’s not just ethereum whales that are busy, as Wednesday also marked the biggest day for a whale entity to transfer bitcoin to exchanges, according to data from Glassnode.
Carlos Gomez, chief investment officer of crypto hedge fund Belobaba, said in an interview with Cointelegraph that this type of market activity could mean that cryptocurrency investors are closer to the bottom of the current market decline than they realize.
Gomez said the chart above shows "a clear coordinated movement of most large holders within a given 24-hour period."
Gomez added that it was hard to tell whether a bottom had actually been reached, but said, "Recent evidence suggests that we are not far off from it - the only problem is that these levels may hold for a few more weeks before moving higher."
Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.
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