Hi Guys,
It's Big & Big #alert About ETH Whale Deposit & Volume Spike of 79%.
Ethereum Whale Deposits $9.12M as Trading Volume Spikes 79%
A significant Ethereum whale transaction and a spike in trading volume have caught the attention of crypto market watchers.
An early Ethereum ICO participant, who initially received 150,000 ETH (now worth $389.7 million), deposited 3,510 ETH ($9.12 million) into the Kraken exchange. This move came after more than two years of inactivity, potentially signaling renewed interest in the market.
Simultaneously, Ethereumâs trading volume saw a dramatic increase of 79.30% over a 24-hour period, reaching $28.21 billion.
This surge in volume often indicates increased trader interest and can lead to higher price volatility. At the time of reporting, Ethereum was trading at $2,656.39, up 3.02%.
However, on-chain metrics present a mixed picture of Ethereumâs current state. The Net Network Growth remains neutral at 0.19%, suggesting no significant influx of new users.
On a more positive note, the In the Money metric shows a bullish reading of 11.21%, indicating that a substantial portion of Ethereum holders are currently in profit. This could potentially reduce selling pressure and support price stability.
Other metrics, such as Concentration and Large Transactions, show neutral trends with no significant changes in whale
accumulation patterns.
This suggests that while the recent whale deposit to Kraken is noteworthy, it has not yet triggered a broader shift in
Ethereumâs on-chain dynamics.
The Long/Short Ratio provides a glimpse into trader sentiment, with a slight advantage for the bulls. As of September 23, 52.28% of traders held long positions, while 47.72% were shorting the market.
This marginal majority favoring long positions indicates that traders are leaning towards expectations of further price increases for Ethereum.
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