Ethereum (ETH) Price Skyrockets 449% as Whales Make Unexpected Moves During Market Decline
Ethereum, the second-largest cryptocurrency by market capitalization, is experiencing a significant surge in large transaction volume, indicating heightened whale activity, according to data from IntoTheBlock. Large Transaction Volume measures the total value transacted by whales and institutional participants within a single day. Spikes in this metric suggest increased engagement among institutional players, whether in buying or selling activities.
In recent data, Ethereum recorded a remarkable $10.77 billion in large transaction volume over the past 24 hours, equivalent to approximately 3.24 million ETH in cryptocurrency terms. The surge in Ethereum whale transactions appears to coincide with the growing excitement surrounding spot ETFs on-chain. Notably, the launch of nine new spot Ethereum ETFs in the United States has led to a substantial increase in Ethereum whale activity, surpassing that of BTC and USDT.
The surge in Ethereum whale activity following the ETF launch could potentially be attributed to a significant amount of ETH being sold on the blockchain to gain exposure through ETFs. CoinShares’ latest report revealed that the Ethereum ETF launch attracted $2.2 billion in inflows, which were partially offset by substantial selling, resulting in net outflows amounting to $285 million.
In the broader crypto market context, digital assets faced a sell-off continuation on Monday as investors and traders awaited central bank meetings scheduled for the week. Bitcoin experienced a 4.56% decline over the last 24 hours, reaching $66,568, as per CoinMarketCap data. Ethereum also saw a 1.57% drop, settling at $3,330.
This week, market participants are closely monitoring meetings of key central banks such as the Federal Reserve, the Bank of Japan, and the Bank of England. Attention is particularly focused on Federal Reserve Chair Jerome Powell, with hopes that his statements may hint at a potential interest rate cut in September.
The upcoming Federal Reserve meeting, starting on Tuesday and concluding on Wednesday with a monetary policy announcement and press conference by Fed Chairman Jerome Powell, is anticipated to provide insights into the future rate trajectory. While expectations lean towards interest rates remaining unchanged this week, investors are eager for any new signals regarding the rate outlook.
