Ethereum whales get busy as transaction volumes hit highest since January

Despite widespread losses across the crypto market, ethereum whales have been busy buying and selling ether (ETH) at a pace not seen since January of this year.

According to data from Santiment, ethereum whales made 2,956 transactions worth more than $1 million each on Wednesday, marking the biggest whale trading day in nearly five months.mood clarify Whales are generally defined as holding any account between $1 million and $10 million.

The data comes as the ETH/BTC pair also continues to show its relative strength, albeit Terra-based infectious disease continues Put downward pressure on the market and general sentiment.

Earlier this week, May 6, ETH/BTC hit a three-week high and according to Market Analysis by Cointelegraph The pairing hints at a potential breakout, especially as Bitcoin (BTC) and ether approach what Santiment says “Historical buy zone.

It is worth noting that since the launch of the Beacon Chain, Ethereum has increased by nearly 250% relative to Bitcoin, marking the Start migrating to Proof of Stake December 2020.

It’s not just Ethereum whales who are reportedly busy data Wednesday from Glassnode also marked the largest single-day transfer of Bitcoin from the Whale Entity to the exchange.

Speaking to Cointelegraph, Carlos Gomez, chief investment officer at the Belobaba crypto hedge fund, said that this type of market activity could mean crypto investors are closer to the bottom of the current market decline than they realize.

The chart above shows “clearly coordinated movements of most large holders within a specific 24-hour window,” Gomez said, implying that whales are continuing to hunt for weaker hands.

related: 10-Month BTC Price Low Triggers $1 Billion Liquidations as Bitcoin Eyes $35,000 CME Futures Gap

Gomez added that it’s hard to say if the bottom is really good, but he suggested “recent evidence suggests we’re not too far from it – the only problem is that we may have to live at those levels. It’s going up again in a couple of weeks.” “