Ethereum’s On-Chain Activity Hits Yearly High with Whale Transfers

The post Ethereum’s On-Chain Activity Hits Yearly High with Whale Transfers appeared first on Coinpedia Fintech News

the Ethereum (ETH) network experienced a surge in whale activity on Monday, even as the market value remained trapped in a short-term bearish trend. According to an insightful on-chain report conducted by market intelligence platform Santiment, the Ethereum network witnessed two distinct whale transfers to the Coinbase cryptocurrency exchange, totaling an impressive $243.2 million. This occurrence marked one of the most significant on-chain transfers seen in the Ethereum ecosystem this year, and notably, it boasted the highest on-chain transaction volume since June 13.

Could Ethereum Whales Be Gearing Up for a Potential Sell-off?

Despite this notable spike in on-chain activity, Santiment suggests that it may not necessarily have an immediate impact on the Ethereum price. Over the past 24 hours, Ethereum’s price dipped by approximately 0.89 percent, trading at around $1,622 in the early London market on Tuesday. However, the substantial deposit of Ethereum onto a centralized exchange could signal growing vulnerabilities within the market. Moreover, the price of Bitcoin continued its descent, edging closer to the $24,000 mark.

Ether Fund Inflows Shrink

In the weekly report on digital asset fund flows by CoinShares, it was revealed that Ethereum experienced a total outflow of roughly $3.2 million in the past week. With Ethereum’s total assets under management currently hovering around $6.87 billion, CoinShares highlighted that the year-to-date total outflows for Ether stand at approximately $102 million.

The discernible decline in Ethereum-related products has been attributed to the significant rise of other smart contract blockchains, such as Solana, which have witnessed fund inflows totaling approximately $0.7 million for nine consecutive weeks.