Ethereum (ETH) has seen a surge in large-scale transactions, commonly referred to as whale transactions, reaching a six-month high this Monday. According to data from Santiment, there were 6,049 transactions of $100,000 and above recorded on October 24, the highest since April 2023.
The increase in Ethereum's whale activity coincides with a significant drop in its supply on exchanges. As of Monday, ETH's supply on exchanges hit an all-time low of 8.41% since its inception in July 2015. This decrease in supply could potentially indicate a growing demand for cryptocurrency among large-scale investors.
Despite experiencing a recent drop of 3.35% to $1,785.93, Ethereum has maintained a weekly gain of 13.04% and a monthly increase of 13.79%. Crypto expert CoinsKid suggests that Ethereum may be on the brink of a "blow-off top," indicating a sudden price and volume surge followed by a sharp drop.
Other cryptocurrencies are also witnessing increased whale activity. Bitcoin (BTC), for instance, recorded 14,833 transactions of $100,000 or more on Monday – the highest since the multiple filings for a Bitcoin ETF (TSX:EBIT) in June. The rise in large-scale transactions across major cryptocurrencies could signal increased confidence among high-net-worth investors in the crypto market's future performance.
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