Article:
Recent on-chain data reveals a notable rise in weekly whale transaction volume on the Ethereum network, indicating renewed interest from significant investors in the cryptocurrency.
Ethereum Sees Record High in Large-Scale Transaction Volume Since 2021
In a recent update on X, Sentora, a provider of institutional DeFi solutions previously known as IntoTheBlock, highlighted the emerging trend in Ethereum’s Large Transactions Volume.
The term “Large Transactions Volume” refers to a metric that tracks the cumulative volume of transactions on the Ethereum network exceeding $100,000 in value.
Typically, only substantial investors, or whales, execute transactions of this magnitude in one go. Thus, these volumes can be seen as an indicator of major investor activity.
An increase in this metric suggests that whales are ramping up their trading activity, pointing to a growing interest in Ethereum. Conversely, a decrease could indicate waning interest among large holders.
Below is a chart illustrating the historical trend of Ethereum’s Large Transactions Volume:
As shown in the chart, there has been a significant uptick in the Ethereum Large Transactions Volume, suggesting increased activity from whales.
Last week’s volume surpassed $100 billion, marking the highest weekly level since the bull market of 2021. This surge in whale activity corresponds with Ethereum’s recent price breakthrough, now reaching the upper $3,000s.
While this heightened activity indicates substantial interest from large entities, it’s unclear whether it represents a positive trend. The Large Transactions Volume does not differentiate between buying and selling, so it only reflects activity levels rather than specific market behaviors.
In related news, US-based Ethereum spot exchange-traded funds (ETFs) experienced a record-breaking week, as noted by analytics firm Glassnode in an X update.
The chart shows that Ethereum spot ETFs have been enjoying consistent inflows, with the latest week particularly notable for substantial gains.
Glassnode reports, “Last week, Ethereum spot ETFs saw inflows exceeding 588K ETH — nearly 17 times the historical average and more than twice the previous record.”
Ethereum Price Update
Currently, Ethereum is trading at approximately $3,730, reflecting a 2% increase over the past week.
