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Recently, there has been an increase in the activity of Ethereum (ETH) whales on the blockchain. This situation indicates that whales are selling significant amounts of Ethereum, leading to questions about their long-term confidence. Notably, a whale who last year bought Ethereum at $1,890 and then moved approximately 12,906 ETH worth about $24.5 million from Binance to Lido was one of the remarkable transactions.
Whale’s Ethereum Profit Dazzles
More recently, the same investor withdrew 7,000 ETH from Lido and reinvested it in Binance, earning over $16 million in a volatile market. These movements also indicate a decrease in the number of large transactions, which aligns with fluctuations in Ethereum prices.
Charts show that the decrease in the volume of large transactions coincides with periods of price instability. Ethereum’s relatively low performance compared to other cryptocurrencies like XRP and Solana could affect whales’ motivation to profit.
Ethereum falling behind in the rapidly evolving crypto world could lead major holders to review their positions. Such moves could be precursors to significant adjustments that might lead to larger changes in market sentiment.
There Is a Correlation Between ETH Price and the Number of Large Transactions
Furthermore, measurements by IntoTheBlock on the blockchain show a significant correlation between Ethereum prices and the number of large transactions. This relationship highlights the impact of large transaction volumes on Ethereum’s price dynamics. The transaction volume drop in April reflects a decline in Ethereum’s price, indicating effective selling pressure from whales.
It’s clear that a single sale does not spell doom for Ethereum. However, there are some concerns about the sustainability of current whale movements. The Ethereum community continues to closely monitor these major players’ activities.
At the time of writing, looking at the Ethereum price, we see that ETH has surpassed the $3,200 resistance level. Ethereum’s price has risen to $3,221 on the cryptocurrency exchange Binance. It can be said that ETH’s price moves along with Bitcoin, but it also falls harder than BTC during declines. The last time Ethereum crossed $3,200 was on February 27, while Bitcoin was at $62,000 on that date.
