(ETH) has made various headlines in recent weeks for its subtle performance upticks. While the second largest cryptocurrency has relatively mild growth, it is seeing a massive hike in its whale transactions. to data from crypto analytics platform IntoTheBlock (ITB), large Ethereum transactions skyrocketed by 54.35% to print a total of $2.81 billion.
Specifically, the number of large transactions jumped from 2,120 on July 2 to 3,230 at the time of writing.
Ethereum Whale Transaction Chart. Source: The significance of large transactions, according to ITB's definition, accounts for transactions involving more than $100,000 Ethereum tokens per unit of time. While it remains undeniable that Ethereum is dominated by retail investors, the latest ITB data insights reveal a large spread of big spenders, who consistently embrace Ethereum in value transfer on-chain.
The impact of these whale transactions is currently being felt in the recent mild bullish performance the Ethereum protocol has printed. At the time of writing, the Ether coin is trading at a , up by 0.11% in the past 24 hours. On the weekly front, Ethereum has inched forward by a growth of 4.10%.
