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“Ethereum Whale Activity Surges as Asset Price Breaks

"Ethereum Whale Activity Surges as Asset Price Breaks

Ethereum’s whale activity has seen a marked increase since the close of November, with on-chain data revealing a sizeable surge in ETH addresses holding balances of over $10,000. It’s not just the smaller whales either; mega-whale addresses have also seen a significant uptick since the start of December.

As Ethereum’s asset prices breach the $3,330 threshold, these whales continue to invest. Concurrently, the rise of Ethereum exchange-traded funds (ETFs) reflects an escalating interest from institutional investors.

Crypto analyst Ali Martinez, referencing Glassnode data, noted a considerable surge in Ethereum’s on-chain whale activity. Since the commencement of December, there has been a marked increase in the number of active addresses with balances over $10,000.

Moreover, data revealed that the 30-day change in the count of mega whale addresses had seen a significant increase from the start of December, peaking around the 9th. The number of active addresses has likewise increased since mid-November.

Recently, Lookonchain reported a whale purchase of 1,800 ETH worth $7 million when the asset was trading around $3,900. According to the blockchain analytics firm, this particular whale has amassed 39,600 ETH since May 24th of this year at an average purchase price of $2,487.

By the time of publication, Lookonchain noted that the whale was sitting on $54 million in unrealized profits. Interestingly, on November 13th, Lookonchain reported that a new whale had entered the scene, purchasing 7,389.5 ETH valued at $23.44 million and amassing 18,049 ETH, approximately $59.3 million, over a three-day span.

In an X post, crypto trader Ash Crypto suggested an imminent Ethereum supply shock, arguing that ETH could soon hit $10k, with billions of ETH staked and growing demand from spot Ethereum ETFs. Ash Crypto also pointed to favorable regulatory changes for decentralized finance under the Trump administration as a potential catalyst for Ethereum’s growth.

Dune Analytics data reveals that over 34 million ETH is currently staked, representing over 28% of the total ETH supply. The Lido liquid staking protocol holds the lion’s share of staked ETH at 28.48%, followed by Coinbase and Binance at 10% and 5% respectively.

US spot Ethereum ETFs mirror this growing demand for the asset. ETF tracking website SoSoValue reports that US spot Ethereum ETFs have seen positive inflows since November 22nd, with a high on November 5th of a staggering $428.44 million.

On December 13th, these ETFs recorded inflows of $23.61 million and the previous day saw $273.87 million. At present, ETH ETFs manage assets worth $13.78 billion, accounting for 2.92% of Ethereum’s total supply.

As per CoinMarketCap data, Ethereum is currently trading at $3,959 with a total market capitalization of $476.8 billion and a 24-hour trading volume of $30.3 billion. Over the last week, the asset has climbed 2% and has held steady over the last 24 hours.

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