Ethereum whale transactions surge 50% as ETH targets $2,000.

Ethereum whales have been increasing their activities on the blockchain as it approaches an important level. Recently, these whales have been engaging in transactions, with each transaction carrying at least $100,000. This suggests that only large holders are behind these transactions, and their frequency has been on the rise.

Mostly, the increase in whale activities on Ethereum followed a price surge over the past week. The first spike was observed after the cryptocurrency surpassed $1,900, and as it has maintained this level, the activities among the whales have become more consistent.

Data from IntoTheBlock shows that ETH whales have doubled their transaction counts in just a few days. In a span of two days, their total transactions increased from 2,120 to 3,230. This represents a more than 54% increase within a 48-hour period, from July 2 to July 4. Over the course of seven days, ETH whales have moved nearly $20 billion.

ETH whale transactions cross 3,000 in two days | Source: IntoTheBlock

However, while this surge is significant, it is not uncommon for Ethereum to witness a high number of large transactions. For instance, at the end of June, the total whale transactions had also exceeded the 3,000 mark.

Compared to its major competitor Bitcoin, Ethereum has a higher proportion of whale holders. While Bitcoin’s whale holders make up only 11% of the total holder base, Ethereum’s whale wallets account for 42% of its total wallets, according to data from IntoTheBlock. Therefore, a significant volume of large transactions occurring within a short period is not unexpected.

How The Ethereum Whales Can Affect Price

A high number of whale transactions can have a significant impact on the price of cryptocurrencies like Ethereum, depending on the intentions of these coin holders. If these transactions involving at least $100,000 worth of coins are for selling, then the price of ETH would experience a downward trend.

However, since the price of ETH has remained relatively stable and maintained its support at $1,900, it is likely that these whales are simply transferring their coins without selling them. Furthermore, these on-chain transactions do not indicate a significant amount of ETH flowing to centralized exchanges, further supporting the idea that these whales are not selling their coins.

Although Ethereum’s trading volume has significantly decreased since Monday, its price has remained steady with minimal gains of 0.1%, currently trading at $1,963.

ETH price trending at $1,962 | Source: ETHUSD on TradingView.com

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