Ethereum has been consolidating above the $1,800 mark over the past week while the asset witnessed a significant drop in whale activity.
According to data provided by a market intelligence platform Santiment, Ethereum (ETH) whales’ activity has been constantly on a downward momentum. Ethereum whales completed 3,976 transactions, each worth at least $100,000, on Aug. 1.
ETH price, supply, and whale activity – Aug. 7 | Source: Santiment
At the time of writing, Santiment recorded only 744 such transactions in the past 24 hours. Quite similarly, whale transactions consisting of at least $1 million worth of ETH have also dropped from 672 on the first day of the month to 95 at the time of writing.
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On the other hand, an ETH whale, nd4.eth, sent 2,500 coins to a dead wallet after his “girlfriend” allegedly “cheated on him.” The burned tokens are currently worth over $4.5 billion. On-chain data shows that nd4.eth still holds 32 different crypto assets and a CryptoPunk NFT — all worth around $196,000.
BREAKING – Ethereum Whale Sends 2500ETH To Burn Address After Finding Out His GF Cheated On Him pic.twitter.com/d2QJMRv0nv— Au TistJeera (@autistjeera) August 7, 2023
Moreover, Santiment data shows that the amount of Ethereum supply outside exchanges has been constantly hitting new all-time highs since March. Per the data, 35.9 million coins are sitting in non-exchange addresses, showing signs of long-term accumulation.
Ethereum has been consolidating between $1,825 and $1,870 over the past week. The asset is up by 0.2% in the past 24 hours and trading at around $1,830 at the time of writing. The upward momentum comes as ETH’s 24-hour trading volume surges by 25%, currently sitting at over $3.5 billion.
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