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Ethereum whales busy buying and selling.

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Undeterred by the crypto market crash, Ethereum whales are buying and selling Ether (ETH) at a rate that was last seen earlier this year in January. Ethereum whales, as per data from Santiment, made a total of 2,956 transactions. Each transaction was valued at over $1 million, marking the highest day of whale transactions in nearly five months.

Moreover, Santiment highlighted in a tweet that it has to be monitored whether or not Ether will drop below the $2,000 mark for the first time since July 2021. It outlined that the ETH-BTC pairing continues to display relative strength, despite the Terra-based contagion that continues to push the market down. ETH-BTC reached a three-week high on May 6. But now, the dominant pair is suggesting a potential breakout, as Bitcoin and Ether approach their historic buy zones. However, it should be noted that Ether has grown nearly 250% against the world’s most popular crypto since the Beacon Chain went live. Ethereum’s rise is attributed to the beginning of its migration to the proof-of-stake (PoS) consensus in December 2020.

Glassnode, a crypto-analysis firm, pointed out that Wednesday also marked the largest one-day transfer of Bitcoin from Whale Entities to exchanges. Carlos Gomez, the Chief Investment Officer at Belobaba crypto hedge fund, says this type of market activity may mean crypto investors are closer to the bottom than they realize. He showed a clear coordinated movement of most of the large holders in a specific 24-hour window. This signifies that whales continue to hunt for weak hands.

Gomez pointed out that it’s hard to say whether or not the bottom is well and truly in. The analyst says recent activities suggest that the market is not too far from it. The only way forward is to live down at the low levels for a few weeks until rising once again.

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