Ethereum sees a significant surge in whale transactions, marking over 10,000 large transfers within a single day.
Spot Ethereum ETFs report consecutive inflows, suggesting renewed investor interest after a recent price surge above $3,000.
Ethereum’s bullish momentum aligns with record-breaking whale transactions, raising the potential for further price growth if trends hold.
Ethereum has recently seen a massive uptick in whale activity, setting a record in daily large transactions. Data from IntoTheBlock reveals that over 10,000 large Ethereum transactions, defined as those exceeding $100,000, were recorded in a single day, the highest figure since August. This increased activity among Ethereum’s largest holders coincides with a surge in ETH’s value on both daily and weekly charts, indicating potential market shifts driven by these influential players.
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Ethereum’s Bullish Performance Amid Whale Movements
As observed, whales have recently been more active; in fact, Ethereum has been trading above $3,000 after five days of growth. This is the first time for ETH to trade above $3000 since July when it had had a slight pull-back below the level that it drastically dipped and tried to stay lower in recent months. At the time of writing, ETH is at $3,211; it has appreciated by 1.7% in the last 24 hours and is up by 13.4% in the last week.
The whale activity appears to be decisive for Ethereum’s price; the situation when large whales go on a shopping spree to purchase ETH contributes to the price rise while sell-offs from these investors put the price down. Additionally, as sentiment flows bullish, analysts expect more accumulation among the whales and increase the Ethereum price above $3,000, and possibly more.
ETF Inflows Signal Renewed Institutional Interest
In another promising sign, Ethereum-focused Exchange-Traded Funds (ETFs) are witnessing consecutive inflows after a previous slump. Data from Farside Investors shows six days of consistent inflows, underscoring increased institutional interest in Ethereum. On November 13, the nine Ethereum ETFs collectively attracted $146.9 million in inflows, an increase from the $135.9 million reported the day before.
Among these funds, Fidelity’s FETH ETF recorded the most substantial inflow, capturing $101.7 million, followed by BlackRock’s ETHA and Bitwise’s ETHW, which drew $35.6 million and $13 million, respectively. Conversely, Grayscale’s ETHE fund experienced outflows totaling $5.6 million. This contrast suggests that while some investors may be re-evaluating specific products, the overall institutional interest in Ethereum remains strong.
