Ethereum
Ethereum (ETH) Surges 449% on Surprising Whale Activity Amid Market Drawdown
Tomiwabold Olajide
Ethereum recorded $10.77 billion in transaction volume in the last 24 hours
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According to In the block According to data, Ethereum, the second-largest cryptocurrency by market cap, is seeing a 449.03% increase in large transaction volume, indicating whale activity.
Large trading volume estimates the total amount of trades made by whales and institutional participants on a given day. Spikes in large trading volume indicate increased activity among institutional participants, whether they are buying or selling.
High transaction volume, courtesy of IntoTheBlock
In this case, Ethereum reported a significant trading volume of $10.77 billion in the last 24 hours, equivalent to 3.24 million ETH in cryptocurrency terms. Ethereum whale trading appears to be surging as the hype around spot ETFs becomes evident on-chain. Last week saw the launch of nine new Ethereum spot ETFs in the US, with Ethereum whale activity soaring as a result to outperform BTC and USDT.
The most likely explanation for the increase in Ethereum whale activity after the ETF launch could be that a decent amount of ETH was sold on the blockchain to gain exposure via ETFs instead.
According to the most recent report from CoinShares, the Ethereum ETF launch received $2.2 billion in inflows, which were hampered by entrenched selling, with net outflows totaling $285 million.
Cryptocurrency market faces sell-off
Cryptocurrencies extended Monday’s decline as investors and traders looked forward to central bank meetings this week.
Bitcoin fell 4.56% in the past 24 hours to $66,568, according to CoinMarketCapEthereum fell 1.57% to $3,330.
The Federal Reserve, Bank of Japan and Bank of England are meeting this week and traders are watching closely. Particular attention is being paid to Fed Chairman Jerome Powell, with hopes that his comments could confirm a September interest rate cut.
THE US Federal Reserve The July meeting begins Tuesday and ends Wednesday with a monetary policy announcement and a press conference by Fed Chairman Jerome Powell.
Markets broadly expect the central bank to leave interest rates unchanged this week, but many investors are hoping policymakers will provide fresh signals on the outlook for rates.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays special attention to cryptocurrency research, conducting comprehensive price analyses and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.