Ethereum Whale Data Signals Big Moves Ahead As Stakeholder Activity Spikes

Christian Encila

8 months ago

3 mins read

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Analysts reported that there is a growing demand for Ethereum due to the increasing appeal of the digital currency to large investors.

The whale activity serves as one of the indicators that the cryptocurrency is gaining momentum for possible significant growth, capitalizing on the positive market sentiment on the crypto industry.

Growing Whale Activity

Santiment reported that the number of transactions made by Ethereum whales saw a huge spike in recent days.

ETH whales refer to large investors who have the capability to influence market sentiments and the availability of digital coins.

📈 Ethereum, currently sitting at $3.12K, is finally showing the growth that helped it climb to the #2 ranked market cap asset in crypto, largely staying in this position throughout the past 8 years.

Whale transaction data indicates a major spike in key stakeholder activity.… pic.twitter.com/CWPpeMPWla

— Santiment (@santimentfeed) November 10, 2024

Analysts said that ETH’s daily transactional value already reached $10.4 billion, fueled by rising whale activity and a growing number of daily Ethereum transactions, saying that this is a bullish indicator for the digital currency’s network.

It also indicates that there is an increasing engagement on ETH from large investors, smaller traders, and institutions.

According to analysts, Ethereum hit a 14-week high because of the high whale activity, indicating that high-risk investors once again find confidence in the coin.

Market traders added that if many large wallets buy or hold ETH, they believe that these activities can benefit the price support and price hike. They view it as a “good signal” of the real state of affairs in the market.

Ethereum is currently trading at $3,166. Chart: TradingView

On Track To Growth

Analysts said that the high volume of ETH transactions indicates that the coin could be closer to a new record high, explaining that these transactions showed that the coin’s draw in a bull market cycle which often led to an increase in crypto price.

As of the moment, ETH went up by 5.21% in the past day and is now being traded at $3,184.

Market observers noted that a strong network activity in crypto means there is high price stability in the coin’s price, putting ETH both an asset and the ecosystem. A perfect combination that usually guarantees more investors participating in the blockchain.

#Ethereum $ETH at $3,000 today is just the beginning! https://t.co/gpAfqbe2v5

— Ali (@ali_charts) November 9, 2024

Only The Beginning

Analyst Ali Martinez sees ETH breaching the $3,000 mark as a positive sign of a bullish narrative for the coin, saying that is only the beginning of its surge potentially hitting $10,000.

Meanwhile, Henrique Centieiro, a venture capitalist, claimed that ETH is moving towards what he coined as the “scarcity mode”. Centieiro explained that more than 42.6% of all Ethereum are currently locked in staking contracts which may contribute to a dwindling availability of the coins in exchanges, a perfect recipe for a price rally.

He added that such conditions and the growing appeal of ETH to investors indicate a strong return from ETH in the long run.

Featured image from Forbes, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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