Monday July 4, 2022

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Tomiwabold Olajide

Ethereum whales have been actively transacting ETH in the last 24 hours at a pace last seen in January

According to on-chain analytics firm Santiment, Ethereum whales have been actively transacting ETH in the last 24 hours at a pace last seen in January. According to the chart provided by Santiment, Ethereum whales fired off a total of 2,956 transactions, each valued at $1 million or more on May 11, marking the highest day of whale transactions in nearly five months.

Santiment notes that this kind of whale transaction might be something to watch as Ethereum drops beneath the $2,000 mark. Amid the recent market selloff, Ethereum declined more than 10% in the past 24 hours to touch lows of $1,701 seen at the time of writing. Ethereum trades presently at $1,951.

TradingView
ETH/USD Daily Chart, Courtesy: TradingView

As previously reported by U.Today, over 330,000 ETH were sent to crypto exchanges in recent weeks. An increase in inflows to exchanges might suggest increased selling pressure resulting from decreased demand. As the asset is being put up for sale, this leads to its availability on exchanges and a consequent drop in price.

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On a positive note, Brazil-based Nubank, one of the world’s largest digital banking platforms, has greenlighted buying, holding and selling capabilities for cryptocurrencies, Bitcoin and Ethereum.

Ethereum records $352 million worth of liquidations amid market plunge

Ethereum fell along with the general cryptocurrency market in the recent selloff. Cryptocurrencies dropped alongside the equities market after the Bureau of Labor Statistics reported that consumer prices for April rose 8.3%, which was slightly higher than expected by economists polled by Dow Jones.

According to CoinGlass, there have been nearly $1.29 billion in liquidations across the crypto market during the last 24 hours. Ethereum suffered liquidations worth $352 million over the last 24 hours.

Despite market volatility, Ethereum’s number of addresses holding more than 100 coins just attained a five-month high of 42,995. Ethereum’s transaction volume also reached an 11-month high of 127,411.285 ETH, per Glassnode alerts.

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