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As the Ethereum ETF frenzy hangs over the crypto market like a haze, large-scale activity is soaring. Over $8 billion in ETH has been moved between whales, creating an interesting situation. Despite the activity, the price has not moved so far, remaining stable around $3,900.
This volume of large transactions is noteworthy: there were over 6,780 large transactions in the past 24 hours, with a seven-day high of 9,790. Yet, with all the activity, ETH price has been relatively unresponsive.
Looking at the chart, we can see that an extremely high level of trading has been offered, reaching a staggering 2.14 million ETH in the past day. This level of trading coincides with the current enthusiasm for the ETF, as institutional interest tends to dictate whale behavior.
The highest seven-day trading volume was 3.21 million ETH, and the lowest was around 981,530 ETH. This volatility indicates a very liquid market with large holders scurrying around, perhaps hoping for a sign of price movement.
Curiously, despite the fact that the number and value of transactions is often high, price fluctuations are relatively calm. The volatility index recorded a 30-day high of 62.38% and a low of 40.72%, meaning that there have been no major price fluctuations across all transactions in the market.
If the ETF talk continues and more institutional capital flows into the ETH space, a breakout above $4,000 could become a reality in the future, but courage may be hard to maintain if the move is simply a stop-gap for profits or a redistribution in response to perceived weakness beneath the market’s surface.
About the Author
Armand Sirignan
