Ethereum whales, or large holders of the cryptocurrency, have been increasing their activities on the blockchain through transactions carrying at least $100,000. This surge in whale transactions has been observed following an increase in ETH’s price, with more consistency seen as the price maintains above $1,900. While this rise in whale transactions is significant, it is not uncommon for Ethereum to experience a high number of large transactions. Compared to Bitcoin, Ethereum has a higher proportion of whale holders, accounting for 42% of its total wallets. The impact of these whale transactions on ETH’s price depends on whether the holders intend to sell or not. Currently, the price of ETH has remained stable, suggesting that these whales may be moving their coins around without selling. Moreover, there is no significant movement of ETH towards centralized exchanges, further indicating that these transactions are not for selling purposes. Although Ethereum’s trading volume has declined recently, its price is holding steady at around $1,963.
AI Sentiment: Positive
