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Ethereum (ETH) has seen a massive surge in whale activities, with the daily count reaching a historic high. This surge comes amid bullish momentum in Ethereum on the daily and weekly price chart.
Implications of soaring whales to ETH’s price
According to IntoTheBlock data, Ethereum’s large transaction daily count surpassed 10,000, the highest figure recorded since August.
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Large transactions refer to those above $100,000 conducted over a given period. These transactions might signal increased whale activity, either buying or selling. Whale investors usually influence the price of a cryptocurrency.
For Ethereum, a large sell-off from these whales can cause the price to drop. On the contrary, consistent ETH accumulation may lead to bullish price outcomes. Meanwhile, Ethereum has recently drawn favorable sentiment, following Bitcoin’s all-time high.
ETH broke the $3,000 barrier earlier this week after seeing five consecutive days of gains. Ethereum’s return above $3,000 marks the first since July of this year, when its price plummeted after reaching a high of $3,563. As of this writing, ETH trades at $3,211, up 1.7% in the last 24 hours and 13.4% in the past week.
Spot Ethereum ETFs make comeback
Notably, spot ETH Exchange-Traded Funds (ETFs) are seeing improving inflows after days of underwhelming performance.
Data from Farside Investors shows six consecutive days of consistent inflows. On Nov. 13, the nine Ethereum ETFs registered a cumulative inflow of $146.9 million, higher than the previous day’s $135.9 million.
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Fidelity’s FETH led the daily inflow with $101.7 million. Two other top inflows came from BlackRock (ETHA) and Bitwise (ETHW), with $35.6 million and $13 million, respectively. On the contrary, Grayscale’s ETHE registered outflows of $5.6 million.
Analysts believe Ethereum could reach $3,500 soon if ongoing sentiment is sustained.
Source: https://u.today/ethereum-whales-waking-up-transactions-hit-highest-level-since-august