Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
According to on-chain analytics firm Santiment, Ethereum saw a considerable number of coins shifting between whale addresses on Thursday, Oct. 20. It reported that a whopping 320,000 ETH were moved on that day as ETH saw its largest transaction volume spike.
🐳 #Ethereum saw a considerable amount of token shuffling between whale addresses on Thursday, which occurred right at a local top. Seven hours after the move of 320,000 $ETH, the price touched down to $1,260, and then bounced considerably ever since. https://t.co/X1l68N0DhJ pic.twitter.com/TiumtitbDA
— Santiment (@santimentfeed) October 24, 2022
The key whale transfers occurred as the ETH price declined steadily from its Oct. 18 high of $1,342. Santiment notes that barely seven hours after the move of the whopping 320,000 ETH amount, the ETH price declined and then bounced considerably.
Tomiwabold OlajideAccording to Tradingview data, Ethereum hit a low of $1,270 on Thursday and continued to fall until Friday, when it reached $1,254 before making a quick recovery. As a result, the price of ETH remained in a rising trend for an additional two days, reaching a high of $1,370 on Oct. 24 before declining.
At the time of publication, ETH was changing hands at $1,344, marginally up in the last 24 hours.
In mid-September, Ethereum finally underwent its long-awaited merge, which transformed it from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. Since mining operations were stopped, daily emissions of ETH decreased by 90%, but Ethereum's price has yet to respond favorably.
Fidelity turns to Ethereum
Fidelity, a $4.5 trillion wealth management firm, began with Bitcoin and is now focusing on Ethereum.
In an email to its clients, Fidelity announced that, "Institutional Ethereum capabilities are coming to the Fidelity Digital Assets platform on October 28, 2022."
The product will only be accessible to Fidelity's current institutional clients who currently trade or own Bitcoin, for which the company started providing services in 2018.
The asset manager claimed that following the Ethereum proof-of-stake transition, more investors are starting to view it "through a new lens."
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov