Ethereum (ETH), the second biggest cryptocurrency by market cap, has been attracting attention lately for its modest but steady gains. Along with its price increase, it has also seen a huge surge in its transactions involving large amounts of ETH. Data from the crypto analytics platform IntoTheBlock (ITB) shows that Ethereum’s whale transactions jumped by 54.35% to reach a total of $2.81 billion.
The number of large transactions increased significantly in a short time. On July 2, there were 2,120 large transactions recorded. However, by the time this report was written, the number had risen to 3,230. This shows a rapid growth of 52.4% in just two days.
Ethereum Whales Have Been on the Move
According to ITB, large transactions are those that involve transferring more than $100,000 worth of Ethereum tokens in a given time. Ethereum has a strong presence of retail investors, but ITB’s data analysis also shows a wide distribution of big buyers, who regularly use Ethereum for on-chain value transfer.
These whale movements are influencing the slight positive trend that Ethereum is showing lately. The native token of the protocol, Ether, is valued at $1958.65 at the moment of writing, with a 0.11% increase in the last 24 hours. Ethereum has also gained 4.10% in the past week.
Ethereum is on the verge of breaking the $2,000 barrier, thanks to many positive factors that have boosted its fundamentals. The protocol has witnessed a significant increase in its staking deposits since the Shanghai Upgrade was implemented earlier this year, as U.Today reported previously.
Ethereum, as a complete proof-of-stake (PoS) system, attracts more attention from users who want to earn rewards from yield farming and staking. Before the Shanghai Upgrade, staked Ethereum could not be withdrawn until a certain date.
But with the new changes, staked assets can be claimed anytime and this has increased the involvement of investors from different backgrounds.
Ethereum has maintained its stability in the face of market volatility, thanks to two factors: growing staking liquidity and sizable transactions. These factors have boosted the demand and security of the network, making it more resilient to price fluctuations.
