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Ethereum (ETH) is experiencing significant interest from large holders, with its price surpassing the three-month high of $2,800.
In the past 24 hours, Ethereum has gained 8%, bringing its trading price to around $2,800. The leading altcoin’s market capitalization has exceeded $336 billion, while its daily trading volume saw a 27% increase, reaching $38 billion. This surge in both price and trading activity indicates strong market sentiment and growing demand for Ethereum.
Earlier today, Ethereum (ETH) surged to a local high of $2,870, before experiencing a swift correction, likely driven by short-term profit-taking among traders.
This price movement was accompanied by a notable increase in whale activity. IntoTheBlock data shows a 60% surge in large transactions (worth at least $100,000) on November 6, with Ethereum recording 7,270 unique whale transactions, marking a three-month high. The surge in whale activity typically signals increased market interest and may also be a precursor to further price volatility.
Data from IntoTheBlock (ITB) reveals that Ethereum whales moved more than $8.7 billion worth of ETH on November 6. However, whale accumulation has been slowing down in recent days. The large-holder net inflow of ETH dropped significantly from 91,300 ETH on October 31 to just 5,930 ETH on November 6.
This decline in whale activity could suggest some level of uncertainty among large Ethereum holders, especially since the market rally was sparked by news of the U.S. presidential election, rather than organic market growth.
It’s noteworthy that 53% of Ethereum’s total supply is currently held by whales. If these large holders begin to move their assets to exchanges, it could trigger a wave of fear, uncertainty, and doubt (FUD) among retail investors.
Additionally, Ethereum’s exchange net inflow dropped sharply to 4,170 ETH on November 6, a significant decline from 71,720 ETH the day before.
Currently, 71% of Ethereum holders are in profit, and given that over 74% of ETH addresses have held their assets for over a year, a moderate profit-taking scenario is to be expected during such price movements.
