Whale activity on Ethereum has surged significantly since late November, leading to a notable increase in the asset's market value.
Rise in Ethereum Whale Activity
According to Glassnode data, the number of active ETH addresses with balances exceeding $10,000 has increased significantly since early December. The number of mega-whale addresses also showed a similar trend, peaking around December 9.
Analyzing Whale Data
Last week, Lookonchain reported that a whale purchased 1,800 ETH for $7 million when the asset was trading at approximately $3,900. This whale accumulated a total of 39,600 ETH since May 24 at an average purchase price of $2,487.
Market Impact and Predictions
Data from Dune Analytics shows the total number of ETH staked exceeds 34 million, representing more than 28% of the total ETH supply. In the US, demand for Ethereum is growing, evidenced by positive flows in spot ETFs. According to ETF tracking site SoSoValue, US spot Ethereum ETFs have shown positive dynamics since November 22, with the highest inflows recorded on November 5, worth $428.44 million.
The overall increased interest of whales in Ethereum highlights its growing importance in the market. Combined data suggests that Ethereum continues to develop actively, which may lead to significant shifts in the cryptocurrency market in the near future.
