Ethereum whales get busy as transactions hit highest point since January

cointelegraph.com:

Despite widespread losses being posted throughout the crypto market, Ethereum whales have been busy buying and selling Ether (ETH) at a rate not seen since January this year.

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

The data comes as the ETH/BTC paring also continues its display of relative strength, despite the Terra-based contagion that continues to put downward pressure on the market and general sentiment.

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.”

Notably, Ethereum has grown by nearly 250% against Bitcoin since the Beacon Chain went live, marking the beginning of its migration to proof-of-stake in December 2020.

It isn’t just the Ethereum whales that have been busy either — according to data from Glassnode, Wednesday also marked the largest one day transfer of Bitcoin from Whale Entities to exchanges.

Speaking to Cointelegraph, Carlos Gomez, the Chief Investment Officer at Belobaba crypto hedge fund said that this type of market activity may mean crypto