Ethereum (ETH) Sees Over $1 Billion Transacted in 24 Hours: What’s Behind the Surge?

Crypto whales have recently begun making significant moves with Ethereum (ETH) during a period when the coin has experienced a lack of substantial price fluctuations. The price of ETH has maintained a relatively stable pattern in recent weeks, showing no clear signs of an upward trajectory. Nonetheless, these prominent holders seem to be leveraging the current scenario by strategically purchasing during market dips.

The broader cryptocurrency market has been undergoing a consolidation phase for an extended period. According to data from CoinMarketCap, the global crypto market cap has decreased by 1.0% in the past day, currently standing at approximately $2.09 trillion. Bitcoin (BTC), the foremost cryptocurrency in the market, has also dropped below the critical $60,000 price level.

Contrastingly, Ethereum has encountered obstacles in surpassing the resistance at $2,700. Presently, it is trading at $2,510, marking a 2.41% decline over the previous 24 hours. The daily trading volume of ETH has also experienced a notable decrease, plummeting by 16.11% to $13.7 billion. Concurrently, the market capitalization of the primary altcoin has fallen by 2.13%, nearing $301 billion.

In the midst of prevailing market uncertainty, substantial ETH holders have injected a sense of positivity into the community. According to data from CryptoQuant, Ethereum witnessed a substantial increase in exchange outflows on Thursday. Notably, a staggering 523,549 coins were withdrawn from major cryptocurrency exchanges, valued at approximately $1.32 billion based on an average price of $2,527.

Such a pronounced surge in exchange withdrawals typically signifies a favorable development for the altcoin. These large holders, by engaging in buying activities during market downturns, are potentially anticipating a reversal in trends in the near future. This surge in purchases from significant players injects a bullish sentiment into the market, potentially catalyzing an upturn in the price of ETH.