ETH whale activity is 64% higher than BTC

On-chain data shows that whale activity on the Ethereum blockchain has been quite high recently due to the excitement around spot exchange-traded funds (ETFs).

Ethereum whales show significantly higher activity than Bitcoin whales

According to data from the on-chain analytics company SantimentEthereum whales have been showing considerable activity recently. The relevant indicator here is the “Number of whale transactions”, which keeps track of the total amount of transfers made on a given network and worth at least $100,000.

Transfers exceeding this amount are generally associated with the whalesThe value of this indicator can therefore give an insight into the activity of these huge investors.

When the metric value is high, the blockchain is currently observing many large transactions. Such a trend implies that whales have an active interest in trading the asset.

On the other hand, the low indicator suggests that whales may not be paying much attention to the cryptocurrency as they are not making many transfers.

Now here is a chart that shows the trend in the number of Whale transactions for the three major coins in the sector, Bitcoin (BTC), Ethereum (ETH) and Tether (USDT), since the beginning of the year:

The value of the metric appears to have been quite high for ETH in recent days | Source: Santiment on X

As the chart above shows, Ethereum’s whale transaction count has been the highest of the three assets recently. Specifically, ETH has seen 77,200 whale transactions since the 17th of this month, which is significantly higher than BTC’s 47,000 or USDT’s 34,100.

The surge in activity for the asset is likely due to the hype surrounding spot ETFs, which after much anticipation have finally been spear after obtaining approval from the United States Securities and Exchange Commission (SEC).

The whale transaction count suggests that whales had started to reposition before this launch. However, it is difficult to tell what type of activity these large holders were participating in based on this indicator alone.

Given that the event was viewed as bullish, it would make sense for whales to buy. Data from Market Intelligence Platform In the block confirmed that large holders have recently increased their supply.

Large holders appear to have benefited from net capital inflows recently | Source: IntoTheBlock on X

IntoTheBlock defines “large holders” as investors who own at least 0.1% of the entire circulating supply of Ethereum. The chart clearly shows that the net flow to wallets from this cohort has remained positive over the past week, coinciding with the period of whale activity.

Yesterday alone, large Ethereum holders purchased 112,900 ETH, or about $391 million at the current exchange rate. “This accumulation far exceeds the $106 million in net inflows into the ETF,” the analyst firm notes.

ETH Price

At the time of writing, Ethereum is trading at around $3,460, unchanged from a week ago.

It seems that the price of the coin has remained stable in recent times | Source: ETHUSD on TradingView

Featured image by Dall-E, IntoTheBlock.com, chart by TradingView.com

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