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.
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.
According 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."