{"id":28709,"date":"2023-08-25T02:52:41","date_gmt":"2023-08-25T06:52:41","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=28709"},"modified":"2023-08-25T02:52:41","modified_gmt":"2023-08-25T06:52:41","slug":"ethereum-records-massive-whale-activity-amidst-eth-price-drop-santiment","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/25\/ethereum-records-massive-whale-activity-amidst-eth-price-drop-santiment\/","title":{"rendered":"Ethereum Records Massive Whale Activity Amidst ETH Price Drop: Santiment"},"content":{"rendered":"

Over the last week, Ethereum (ETH) has seen its price take a slight hit following the general market <\/a>crash due\u00a0to reports of a massive Bitcoin sell-off.<\/p>\n

According to data from CoinMarketCap<\/a>, ETH is down by 5.01% in the last seven days, bringing its total price loss in the previous month to 10.80%.\u00a0<\/p>\n

Albeit, despite Ethereum\u2019s negative performance<\/a>, the on-chain analytics platform, Santiment, has noted some positive developments in terms of whale activity.<\/p>\n

Ethereum Experiences Highest Whale Activity In 4 Months<\/h2>\n

On Thursday, August 24, Santiment posted<\/a> a report on X (formerly Twitter) stating that Ethereum has recorded its largest level of whale transactions in the last 16 weeks.\u00a0<\/p>\n

According to the blockchain intelligence firm, there has been a notable increase in transactions by addresses with large ETH holdings following the token\u2019s fall beneath the 1,650 price mark last week.<\/p>\n

#Ethereum<\/a>\u2018s 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<\/a> has risen back up to 355K, and $100K+ transactions have surged. https:\/\/t.co\/X137U93ZYu<\/a> pic.twitter.com\/J9lyMoeBmf<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) August 24, 2023<\/a><\/p>\n

Sentiment reported that Ethereum experienced 23,073 ETH whale<\/a> transactions in the past week, marking the network\u2019s highest since May 4.\u00a0\u00a0<\/p>\n

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.\u00a0<\/p>\n

Could The ETH Market Experience A Boost Soon?<\/h2>\n

Based on Santiment\u2019s report, it can be inferred that the decline in ETH\u2019s price has led to a buying spree by large investors anticipating a price surge, thus taking advantage of the current market dip.\u00a0<\/p>\n

Providing more insight into this trend, Lookonchain, another market intelligence firm, has also reported on the ongoing accumulation of ETH.\u00a0<\/p>\n

Via an X post on Thursday<\/a>, Lookonchain stated that four whales have collectively purchased 56,100 ETH, valued at $94 million, in the last seven days.\u00a0<\/p>\n

Following such heavy investments, it appears that ETH major investors are banking on the prominent altcoin to begin a market rebound soon.\u00a0<\/p>\n

However, data from Coincodex<\/a> 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\u2019s potential gains.<\/p>\n

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\u2019s trading volume is also down by 31.07%, valued at $5.67 billion.\u00a0<\/p>\n

Notwithstanding, with a market cap value of $198.36 billion, Ethereum remains the second-largest cryptocurrency.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Over the last week, Ethereum (ETH) has seen its price take a slight hit following the general market <\/a>crash due\u00a0to reports of a massive Bitcoin sell-off.<\/p>\n

According to data from CoinMarketCap<\/a>, ETH is down by 5.01% in the last seven days, bringing its total price loss in the previous month to 10.80%.\u00a0<\/p>\n

Albeit, despite Ethereum\u2019s negative performance<\/a>, the on-chain analytics platform, Santiment, has noted some positive developments in terms of whale activity.<\/p>\n

Ethereum Experiences Highest Whale Activity In 4 Months<\/h2>\n

On Thursday, August 24, Santiment posted<\/a> a report on X (formerly Twitter) stating that Ethereum has recorded its largest level of whale transactions in the last 16 weeks.\u00a0<\/p>\n

According to the blockchain intelligence firm, there has been a notable increase in transactions by addresses with large ETH holdings following the token\u2019s fall beneath the 1,650 price mark last week.<\/p>\n

#Ethereum<\/a>\u2018s 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<\/a> has risen back up to 355K, and $100K+ transactions have surged. https:\/\/t.co\/X137U93ZYu<\/a> pic.twitter.com\/J9lyMoeBmf<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) August 24, 2023<\/a><\/p>\n

Sentiment reported that Ethereum experienced 23,073 ETH whale<\/a> transactions in the past week, marking the network\u2019s highest since May 4.\u00a0\u00a0<\/p>\n

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.\u00a0<\/p>\n

Could The ETH Market Experience A Boost Soon?<\/h2>\n

Based on Santiment\u2019s report, it can be inferred that the decline in ETH\u2019s price has led to a buying spree by large investors anticipating a price surge, thus taking advantage of the current market dip.\u00a0<\/p>\n

Providing more insight into this trend, Lookonchain, another market intelligence firm, has also reported on the ongoing accumulation of ETH.\u00a0<\/p>\n

Via an X post on Thursday<\/a>, Lookonchain stated that four whales have collectively purchased 56,100 ETH, valued at $94 million, in the last seven days.\u00a0<\/p>\n

Following such heavy investments, it appears that ETH major investors are banking on the prominent altcoin to begin a market rebound soon.\u00a0<\/p>\n

However, data from Coincodex<\/a> 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\u2019s potential gains.<\/p>\n

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\u2019s trading volume is also down by 31.07%, valued at $5.67 billion.\u00a0<\/p>\n

Notwithstanding, with a market cap value of $198.36 billion, Ethereum remains the second-largest cryptocurrency.\u00a0<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28709","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28709"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28709\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28709"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}