Ethereum Records Massive Whale Activity Amidst ETH Price Drop: Santiment – NewsBTC

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Over the last week, Ethereum (ETH) has seen its price take a slight hit following the general market crash due to reports of a massive Bitcoin sell-off.
According to data from CoinMarketCap, ETH is down by 5.01% in the last seven days, bringing its total price loss in the previous month to 10.80%. 
Albeit, despite Ethereum’s negative performance, the on-chain analytics platform, Santiment, has noted some positive developments in terms of whale activity.
On Thursday, August 24, Santiment posted a report on X (formerly Twitter) stating that Ethereum has recorded its largest level of whale transactions in the last 16 weeks. 
According to the blockchain intelligence firm, there has been a notable increase in transactions by addresses with large ETH holdings following the token’s fall beneath the 1,650 price mark last week.
🐳 #Ethereum‘s network has picked up in large address activity during this drop below $1,650 and its highly volatile price conditions. The amount of wallets holding between 10 and 10,000 $ETH has risen back up to 355K, and $100K+ transactions have surged. https://t.co/X137U93ZYu pic.twitter.com/J9lyMoeBmf
— Santiment (@santimentfeed) August 24, 2023
Sentiment reported that Ethereum experienced 23,073 ETH whale transactions in the past week, marking the network’s highest since May 4.  
In addition, the report also stated that the number of wallets with 10-10,000 ETH had surged by 1,788 since the start of June, returning this metric to the previous high of 355,000. 
Based on Santiment’s report, it can be inferred that the decline in ETH’s price has led to a buying spree by large investors anticipating a price surge, thus taking advantage of the current market dip. 
Providing more insight into this trend, Lookonchain, another market intelligence firm, has also reported on the ongoing accumulation of ETH. 
Via an X post on Thursday, Lookonchain stated that four whales have collectively purchased 56,100 ETH, valued at $94 million, in the last seven days. 
Following such heavy investments, it appears that ETH major investors are banking on the prominent altcoin to begin a market rebound soon. 
However, data from Coincodex states that general market sentiments around ETH remain bearish. At the same time, the Fear & Greed Index is set at 41, indicating that many other investors are still skeptical about the token’s potential gains.
ETH is trading at $1,652.06 at the time of writing, with a 1.861% loss on the last day. In tandem, the token’s trading volume is also down by 31.07%, valued at $5.67 billion. 
Notwithstanding, with a market cap value of $198.36 billion, Ethereum remains the second-largest cryptocurrency. 
Ethereum
Semilore Faleti is a cryptocurrency writer and analyst that works for NewsBTC, providing insights into the latest developments in the cryptocurrency world. With articles featured in other prominent publications such as Coinmash and Bitcoinist, Semilore has a known passion for covering the growing impact of blockchain technology in the global financial world. Beyond his professional work, Semilore has a deep interest in music and politics. He enjoys discovering new artists, attending concerts and music festivals, and closely following global affairs and issues of social justice and equality. You can follow Semilore on Twitter @SemiloreFaleti.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
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