2 years ago
290 Crypto analytics firm Santiment, in its latest data, noted that activities of Ethereum whales have increased significantly since the beginning of the week.
According to the data, there were about 779,000 ETH send to crypto exchanges on Monday, which is a record daily high since June 21.
Ethereum’s price dropped by 5%
The price of Ethereum has fallen slightly, likely fur to the whale activities on the second most valuable cryptocurrency.
Ethereum saw a decline of 5% on Tuesday after hitting a high of around $3,400 the previous day.
At the time of writing, the cryptocurrency is trading at $32,000, which has taken its market capitalization to $375 billion.
Blockchain tracking platform Whale Alert also showed the increased activity levels Ethereum addresses with large ETH holdings. The platform showed that about 35,742 ETH were moved to an unknown crypto address on Tuesday. This represents about $119 worth of Ethereum, based on the market price of ETH.
In another highlight, about $165 million worth of ETH was moved from a major whale address to an unknown crypto wallet on Monday.
An increase in Ethereum transaction fees
Santiment has also noted that transaction fees on Ethereum have increased over the past few days.
“Fees are picking up, active addresses are going down,” the platform analyzed.
Santiment also noted that active addresses could decline a little bit, which has always been the case in this type of situation. It stated that the behavioral patterns of the previous whales movement showed that fees on Ethereum may likely increase.
The portal warned that some ETH investors may have started taking profits, so others should be very watchful in the market.
While some weaknesses have been seen in the activities of active ETH addresses, it has not slowed down institutional interests in the token. The report revealed that ETH products have increased noticeably in the last few weeks.
