According to U.Today, the recent Ethereum ETF frenzy has seen a surge in activity among large holders, with over $8 billion worth of ETH being transferred between whales. Despite this flurry of activity, the price of ETH has remained relatively stable, consolidating at around $3,900. Over 6,780 large transactions have been recorded in the past 24 hours, reaching a seven-day high of 9,790 transactions. However, this has not significantly impacted the price of ETH.
The data shows that an astounding 2.14 million ETH has been transacted in the past day, reflecting the current hype surrounding an ETF. This level of transactions is typically driven by institutional interest, which often influences the behavior of large holders. The seven-day high for transaction volume was 3.21 million ETH, while the low was approximately 981,530 ETH. This suggests a highly fluid market where large holders are actively moving, potentially signaling an impending price movement.
Interestingly, despite the high volume of transactions, both in terms of units and value, the price volatility has remained relatively moderate. The volatility index lists a 30-day high of 62.38% and a low of 40.72%, indicating that the market, despite its high transaction volume, is not experiencing significant price swings. If the ETF narrative continues to unfold and more institutional money enters the ETH space, a breakout higher than $4,000 may become a reality in the future. However, if this activity is merely a pause for profit or a redistribution due to perceived market weakness, it may struggle to maintain its momentum.