While the general market might seem to experience a mild pullback, Ethereum whales are signaling confidence in the token, evidenced by an increased ETH accumulation tracked by the renowned blockchain and cryptocurrency market analysis official handle, IntoTheBlock on X.
According to intoTheBlock, ETH transactions above $100K appreciated significantly yesterday, reaching a peak level that it previously attained in late March 2024.
Advertisement
In addition, the tweet noted that the transactions mirror whale actions as they accumulate ETH tokens, resulting in a daily accumulation high in more than one month.
The post on X read in parts, “Data points to accumulation by large holders, with addresses holding >0.1% of the supply showing the highest daily accumulation in more than a month.”
Ethereum whales are waking up👇
The number of $ETH transactions larger than $100k spiked strongly yesterday, reaching its highest point since late March.
So, are whales buying or selling?
Data points to accumulation by large holders, with addresses holding >0.1% of the supply… pic.twitter.com/QR20BDemLI
— IntoTheBlock (@intotheblock) May 22, 2024
Recall that Ethereum became the center of attraction across several crypto news publication platforms after orchestrating an 18% rally within 24 hours, resulting in a widespread rally that swept across the altcoin market in which PEPE was among the biggest winners, evidenced by its recent ascent to attaining a new all-time high (ATH) valued at about $0.00001426.
ETH Market Pullback Insignificant As Other Variables Remained Bullish
At press time, Ethereum’s data on Coincodex revealed the Ether-based crypto asset to be changing hands at approximately $3,760, having registered a slight 1.46% decline in the past 24 hours, resulting in a price stabilization between a minimum and maximum range of $ 3,679.87 and $ 3,809.48, respectively.
Aside from the slight drop in momentum, all other indices are still pointing towards a favorable bullish ETH future, implying that the current retracement might just be insignificant.
Interestingly, Ethereum has the second-largest market cap and fourth-highest 24-hour trading volume of about $ 450.30B and $ 44.11B, respectively. In terms of market capitalization, ETH currently ranks top in the Proof-of-Stake coins sector and second in the Layer 1 sector.
Also, It boasts low supply inflation at -0.25%, high volatility at about 5.04%, and generally bullish sentiments, with the “Fear and Greed Index” pointing towards extreme greed at 76.
ETH Holders’ Composition By Time Corroborates Whale Actions
Ethereum’s token summary on IntoTheBlock noted that about 91% of the token holders are currently in profit, 2% are neither gaining nor losing, and just 7% are currently in loss. In addition, the Ether-based token holders’ composition by time held was impressive, underscoring enthusiasts’ faith in the token.
According to the statistics, 74% of ETH owners have held on to the coin for one year or even more, 22% have owned the token for less than a year, while just 4% have held on to the token for less than a month.
The above statistics, coupled with Ethereum whale actions, are signaling positive sentiments and bullish Ethereum prospects, encouraging ETH owners to continue holding on to the token and, at the same time, urging potential investors to delve into the Ether-based project as it still boasts tremendous prospects for rewarding holders.
Additionally, ETH enthusiasts are assured that large investors are not dumping their tokens; instead, they are accumulating more, potentially setting the stage for a remarkable rally as the coin aims to reclaim its $ 4,867 ATH, which it attained in the general market rally since November 2021.
Advertisement
