Ethereum Whale Event Outperforms BTC.

On-chain data shows that whale activity on the Ethereum blockchain has been quite high lately due to excitement around spot exchange-traded funds (ETFs).

According to data from on-chain analytics firm Santiment, Ethereum whales have been showing significant activity lately. The indicator of relevance here is the “Whale Transaction Count”, which tracks the total amount of transfers occurring on any network worth at least $100,000.

Transfers exceeding this amount are often associated with whales, so the value of this indicator can give an idea about the activities of these huge investors. When the value of the metric is high, the blockchain is currently observing many large transactions. Such a trend means that whales take an active interest in trading the asset.

On the other hand, the low indicator indicates that whales may not pay much attention to cryptocurrency because they do not transfer that much. Now, here is a chart showing the trend in the Whale Transaction Count for #Bitcoin (BTC), #Ethereum (ETH), and Tether (#USDT ), the top three coins in the industry, since the beginning of the year: As can be seen in the chart above, the Whale Transaction Number for Ethereum has increased recently for these three assets. It was the highest among More specifically, #ETH has seen 77,200 whale transactions since the 17th of this month, significantly higher than BTC's 47,000 or USDT's 34,100.

The sharp increase in activity for the asset is likely due to the hype around spot ETFs, which, after much anticipation, have finally launched after receiving approval by the US Securities and Exchange Commission (SEC).

The Whale Transaction Count would suggest that the whales had begun to reposition themselves prior to this launch. However, based on this indicator alone, it is difficult to say exactly what kind of activity these large owners are engaged in.