Key Points
Ethereum (ETH) has witnessed a significant increase in interest from large holders.
This interest comes as its price surpasses the three-month high of $2,800.
In the last 24 hours, Ethereum gained 8% and is currently trading around the $2,800 mark.
The leading altcoin’s market cap has surpassed $336 billion.
Its daily trading volume has also seen a 27% increase, reaching $38 billion.
Whale Transactions and Market Dynamics
Earlier today, Ethereum rose to a local high of $2,870.
However, it experienced a quick correction due to short-term profit-taking.
The price hike of Ethereum was accompanied by a significant increase in whale transactions.
According to data from IntoTheBlock, Ethereum recorded a 60% surge in the number of large transactions on Wednesday, Nov. 6.
These transactions were worth at least $100,000, reaching a three-month high of 7,270 unique transactions.
Data from IntoTheBlock reveals that large holders moved over $8.7 billion worth of Ethereum yesterday.
However, the accumulation of Ethereum by whales has been decreasing over the past week.
The asset’s large-holder net inflow declined from 91,300 Ethereum on Oct. 31 to 5,930 Ethereum on Nov. 6.
This declining whale activity might suggest uncertainty among Ethereum whales.
This uncertainty could be due to the market surge triggered by the U.S. presidential election news.
It’s worth noting that 53% of the Ethereum supply is held in whale addresses.
If these whales start depositing into the exchanges, it could trigger another phase of fear, uncertainty, and doubt among retail investors.
The Ethereum exchange net inflow dropped to 4,170 Ethereum yesterday.
This was after a significant decline from Tuesday’s 71,720 Ethereum, according to IntoTheBlock data.
Currently, 71% of Ethereum holders are in profit.
A mild profit-taking scenario would be considered normal.
This is because over 74% of the addresses have been holding Ethereum for more than a year, as per IntoTheBlock data.
