ethereum is seeing impressive interest from large holders as its price surpasses a three-month high of $2,800.
ethereum (eth) gained 8% in the last 24 hours and is trading around the $2,800 mark. The leading altcoin saw its market capitalization surpass $336 billion. Its daily trading volume increased by 27%, reaching $38 billion.
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Earlier today, eth rose to a local high of $2,870 but witnessed a rapid correction due to short-term profit taking.
The rise in eth price was accompanied by a strong wave of whale transactions. According to data provided by IntoTheBlock, ethereum recorded a 60% increase in the number of large transactions, worth at least $100,000, on Wednesday, November 6, reaching a three-month high of 7,270 unique transactions.
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ITB data shows that large holders moved more than $8.7 billion in eth yesterday.
On the other hand, eth whale accumulation has slowed down over the past week. According to ITB data, the net inflow of large holders of the asset decreased from 91,300 eth on October 31 to 5,930 eth on November 6.
The decline in whale activity could indicate uncertainty among ethereum whales as the market surge was sparked by news of the US presidential election.
It is important to note that 53% of the eth supply is held in whale addresses. If whales start making deposits on exchanges, another phase of fear, uncertainty and doubt, also known as FUD, could soon be triggered among retail investors.
Net inflow to the ethereum exchange fell to 4,170 eth yesterday after a significant drop from 71,720 eth on Tuesday, according to ITB data.
At this point, 71% of eth holders are making profits. A mild profit-taking scenario would be considered normal, as over 74% of addresses have held eth for over a year, according to ITB data.
