Main navigation

Incoming Pump? Ethereum Whales Intensify Multi-million Dollar Transfers Despite Bear Storm

Thu, 10/06/2022 - 21:41
article image
Wahid Pessarlay
Market sentiment remains somewhat neutral as Ethereum whale activities hint that pump might be on the way
Incoming Pump? Ethereum Whales Intensify Multi-million Dollar Transfers Despite Bear Storm
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Ethereum (ETH) whale activities have persisted despite the persisting bear market. As recorded by Twitter whale tracker "Whale_Alert," Ethereum whales have moved more than $250 million to multiple unknown wallets within the last 24 hours.

The biggest transaction was worth roughly $136 million (100,073 ETH) — between two unknown wallets — while some smaller ones were transferred to well-known exchanges.

The whale movements have signaled the possibility of a pump, as some market players believe that whales might still be manipulating prices. Others have speculated that the move might result in a dump, following Ethereum's performance in the previous weeks.

Ethereum's overall performance remains largely bearish

As highlighted in a recent report from Bankless, the Ethereum ecosystem has taken a severe hit this year. New metrics surfacing reveal that network revenue has dropped by 86%. ETH's inflation rate surged by 7.7%. Similarly, Decentralized Finance's (DeFi) TVL fell by 58%, Bankless noted. Similarly, the report added that the volume of the non-fungible token (NFT) marketplace also declined by 75%.

Bankless also notes that the total number of staked Ethereum has surged significantly. Additionally, a 3.08% increase in the average number of daily active addresses has been recorded. NFT traders have also notably grown by 67.8% in Q3, 2022, according to Bankless.

It is also worth noting that the possibility of a short squeeze is still in sight, following the recent development of Ethereum's open interest rate topping $7.7 billion, per Coinalyze data.

article image
About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.