According to data from Santiment, Ethereum whales made a total of 2,956 transactions, each valued at over $1M on Wednesday, marking the highest day of whale transactions in nearly 5 months. Santiment clarified that whales are typically defined as any account holding between $1M to $10M.
#Ethereum‘s whales have been extremely active today, firing off 2,596 transactions valued at $1M or more. This is the highest day of whale transactions since January, and something to monitor if $ETH drops below $2k for the first time since last July. https://t.co/FZoTsFJwEn pic.twitter.com/MVFEpzysxN
— Santiment (@santimentfeed) May 11, 2022
Earlier this week on May 6, ETH/BTC reached a three week high and according to market analysis from Cointelegraph the paring is hinting at a potential breakout, particularly as both Bitcoin (BTC) and Ether approach what Santiment has called their “historic buy zones.”
Speaking to Cointelegraph, Carlos Gomez, the Chief Investment Officer at Belobaba crypto hedge fund said that this type of market activity may mean crypto investors are closer to the bottom of the current market dip than they realize.
Isn’t it clear enough? pic.twitter.com/PQwfb6Eu4z
— Carlos Gomez (@hedgefundcarlos) May 11, 2022
Gomez said that the above graph shows a “clearly coordinated movement of most of the large holders in a specific 24-hour-window,” meaning that whales are continuing to hunt for weak hands.
Gomez added that it’s hard to say whether or not the bottom is well and truly in but he suggested that “recent evidence shows that we’re not too far from it — the only thing is, we may have to live down here at these levels for a few weeks before going up again”