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Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity
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Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity

Ethereum Records Massive Whale Activity Amidst ETH Price Drop: Santiment

Semilore Faleti
Semilore Faleti
Last Updated: August 25, 2023 2:00 am
3 mins read
Ethereum

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Over the last week, Ethereum (ETH) has seen its price take a slight hit following the general market crash due to reports of a massive Bitcoin sell-off.

According to data from CoinMarketCap, ETH is down by 5.01% in the last seven days, bringing its total price loss in the previous month to 10.80%. 

Albeit, despite Ethereum’s negative performance, the on-chain analytics platform, Santiment, has noted some positive developments in terms of whale activity.

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Ethereum Experiences Highest Whale Activity In 4 Months

On Thursday, August 24, Santiment posted a report on X (formerly Twitter) stating that Ethereum has recorded its largest level of whale transactions in the last 16 weeks. 

According to the blockchain intelligence firm, there has been a notable increase in transactions by addresses with large ETH holdings following the token’s fall beneath the 1,650 price mark last week.

🐳 #Ethereum‘s network has picked up in large address activity during this drop below $1,650 and its highly volatile price conditions. The amount of wallets holding between 10 and 10,000 $ETH has risen back up to 355K, and $100K+ transactions have surged. https://t.co/X137U93ZYu pic.twitter.com/J9lyMoeBmf

— Santiment (@santimentfeed) August 24, 2023

Sentiment reported that Ethereum experienced 23,073 ETH whale transactions in the past week, marking the network’s highest since May 4.  

In addition, the report also stated that the number of wallets with 10-10,000 ETH had surged by 1,788 since the start of June, returning this metric to the previous high of 355,000. 

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Could The ETH Market Experience A Boost Soon?

Based on Santiment’s report, it can be inferred that the decline in ETH’s price has led to a buying spree by large investors anticipating a price surge, thus taking advantage of the current market dip. 

Providing more insight into this trend, Lookonchain, another market intelligence firm, has also reported on the ongoing accumulation of ETH. 

Via an X post on Thursday, Lookonchain stated that four whales have collectively purchased 56,100 ETH, valued at $94 million, in the last seven days. 

Following such heavy investments, it appears that ETH major investors are banking on the prominent altcoin to begin a market rebound soon. 

However, data from Coincodex states that general market sentiments around ETH remain bearish. At the same time, the Fear & Greed Index is set at 41, indicating that many other investors are still skeptical about the token’s potential gains.

ETH is trading at $1,652.06 at the time of writing, with a 1.861% loss on the last day. In tandem, the token’s trading volume is also down by 31.07%, valued at $5.67 billion. 

Notwithstanding, with a market cap value of $198.36 billion, Ethereum remains the second-largest cryptocurrency. 

Ethereum

ETH trading at $1,652.4 on the weekly chart | Source: ETHUSD chart on Tradingview.com
Featured image from BBC Wildlife Magazine, chart from Tradingview.
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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