Despite widespread losses in the cryptocurrency market, Ethereum whales have been busy buying and selling Ethereum at unprecedented rates since January.
According to data from .net, Ethereum whales conducted a total of 2,956 transactions on Wednesday, worth more than $1 million each. This is the highest trading volume for a whale in the past five months. A whale is typically defined as holding 100 accounts ranging from $10,000 to $10 million.
The data comes as ETH/BTC also continues to show relative strength, even as Terra-based headwinds continue to put downward pressure on the market and overall sentiment.
Earlier this week (May 6), ETH/BTC hit a three-week high, and according to market analysis, ETH/BTC hinted at a potential breakout, especially as both Bitcoin and Ethereum are approaching said "historical buying zone" Arrived.
Notably, Ethereum has grown nearly 250% relative to Bitcoin since the launch of Beacon Chain, which marked the beginning of Ethereum’s migration to proof-of-stake in December 2020.
It’s not just Ethereum whales that are busy, Wednesday also marked the highest number of Bitcoin transfers by whale entities to exchanges, according to data from .
Gomez, chief investment officer of the cryptocurrency hedge fund, said in an interview that this type of market activity may mean that cryptocurrency investors are closer to the bottom of the current market decline than they realize.
The chart above shows "clearly coordinated moves by most of the largest shareholders in a given 24 hours," Gomez said.
Gomez added that it was difficult to say whether a bottom had actually been reached, but said, "Recent evidence suggests that we are not far away from a bottom - the only question is that these levels may remain there for a few more weeks before Will rise again." "
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