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Ethereum saw gains in the week, rising 5.30% as cryptocurrencies saw a rebound. Crypto outperformed other major asset classes, standing out in particular against gold, which rose a modest 2.65% over the week.
Ethereum extended its recovery from the March 29 low of $1,937, with whales participating in the rise.
A mysterious whale is loading up on Ethereum, withdrawing 32,007 ETH from major crypto exchange Binance within the last 24 hours.
According to Lookonchain, mysterious whale 0xeCE7 bought another 32,007 ETH worth $77.52 million. Over the past 10 hours, the whale deposited 225 million USDC to Binance, Bybit, Deribit and then withdrew 32,007 ETH worth $77.52 million from Binance.
While larger whales are accumulating, this is in contrast with small retail traders who are selling their tokens.
Ethereum highlights divergence
According to Santiment, small retail traders are dumping their Ethereum aggressively, with wallets with 0.01 ETH or less dropping 1,791 ETH worth $4.16 million in just the past two days. Ethereum has risen by more than 17% since March 29, with some traders believing it might be a bull trap.
This week, Santiment indicated that the number of Ethereum wallets holding at least 100,000 ETH jumped from 54 to 57. Ethereum supply held on exchanges has fallen to multi-year lows, further tightening liquidity on order books.
At the time of writing, ETH was trading up 0.71% in the last 24 hours to $2,359, after rising to $2,466.
As ETH rose, a smart trader pension-usdt.eth is now down over $15.5 million on his 1,000 BTC worth $77.5 million and 20,000 ETH worth $48.7 million shorts.
In recent news, Charles Schwab, which oversees about $12.2 trillion in client assets, is set to roll out spot BTC and ETH trading for retail clients through Paxos, with fees set at 75 bps per transaction.
Dan Burgin
U.Today Editorial Team
