Ethereum (ETH) Whale Count Grows After Market Rout: Santiment

Godfrey Benjamin
August 24, 2023
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Dormant Ethereum ICO Whale Is Back To Life With ETF Trading

A recent Twitter update from Santiment blockchain analytical platform has revealed a surge on the Ethereum (ETH) network amidst recent price volatility conditions that caused the cryptocurrency to drop to the $1,650 dollar mark.

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The Ethereum Whale Growth

Specifically, Santiment noted that the number of whales holding between 10 and 10,000 ETH has experienced a resurgence, climbing back up to a count of 355,000. 

This increase in the number of whales suggests that there has been a renewed interest among larger holders of Ethereum, potentially indicating their confidence in the asset even in the face of price fluctuations.

Additionally, the update points out that transactions involving sums of $100,000 and above have also witnessed a surge. This uptick in high-value transactions indicates that despite the volatile price conditions, there are entities willing to transact substantial amounts of Ethereum, a trend that is vital in sustaining the positive network outlook. 

It is worth noting that Ethereum whales, entities holding significant amounts of the cryptocurrency, have always played a crucial role in shaping the market dynamics. These large holders can exert influence over prices through their trading decisions, impacting both short-term volatility and long-term trends. 

This pattern suggests that despite the price turbulence, these well-capitalized players are finding opportunities in Ethereum’s market. Such activity could be interpreted as a sign of institutional interest or strategic maneuvering by experienced market participants who see potential value in the asset at its current price level.

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Implications for the Future

The surge in Ethereum whale counts raises intriguing questions about the cryptocurrency’s future trajectory. 

While the immediate implication is a potential increase in market stability due to the presence of strong-handed investors, it also underscores the evolving dynamics within the crypto space. 

As Ethereum continues to develop its ecosystem with upgrades like Ethereum 2.0 and Decentralized Finance (DeFi) innovations, the role of these whales could have far-reaching implications on price discovery, network governance, and adoption.

At the time of writing, Ethereum is changing hands at a price of $1,649, down by 2.19% in the past 24 hours.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.