Ethereum scaling solution Polygon (MATIC) has recently seen a substantial increase in large transaction volume, which is indicative of whale activity.
According to IntoTheBlock, Polygon (MATIC) is reporting $152.75 million in large transaction volume in the last 24 hours, representing a 745.3% surge.
This large transaction volume surge coincides with the excitement surrounding the launch of Ethereum ETFs in the United States, a key milestone for the cryptocurrency community.
Ethereum exchange-traded funds began trading in the United States on Tuesday, putting the world's second-largest cryptocurrency in a vehicle popular with many professional investors and advisors.
U.S. exchange-traded funds that invested directly in Ethereum earned a net of $107 million on their first day of trading.
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BlackRock Inc.'s iShares Ethereum Trust had the greatest net inflow of the cohort at $267 million, followed by Bitwise's Ethereum Trust at $204 million and the Fidelity Ethereum Fund at $71 million.
Ethereum positive sentiment spills over to Polygon
Over $1 billion in shares were traded across the nine Ethereum ETFs, which launched six months after U.S. authorities approved the first U.S. spot Bitcoin ETFs. This year, the latter received a net influx of more than $17 billion.
Owing to this milestone, Ethereum has seen a massive surge in whale activity, a sentiment that has spilled over to Polygon.
According to on-chain analytics firm Santiment, the launching of Ethereum's nine new spot ETFs has a demonstrable impact on whale behavior. Since July 17, the number of ETH transactions above $100,000 in value has been 64% greater than the number of BTC transfers and 126% higher than the number of USDT (ETH) transfers.
