Ethereum Records Massive Whale Activity Amidst ETH Price Drop: Santiment

Ethereum

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.

Ethereum Experiences Highest Whale Activity In 4 Months

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.

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. 

Could The ETH Market Experience A Boost Soon?

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. 

ETH trading at $1,652.4 on the weekly chart | Source: ETHUSD chart on Tradingview.com

Featured image from BBC Wildlife Magazine, chart from Tradingview.