Market sentiments remain somewhat neutral as Ethereum whale activities hint that a pump might be on the way
Ethereum (ETH) whale activity has persisted despite a bear market. as recorded By Twitter whale tracker “whale_alert”, Ethereum whales have moved more than $250 million into multiple unidentified wallets within the past 24 hours.
The biggest transaction was worth roughly $136 million (100,073 ETH) — between two unknown wallets — while some smaller ones were transferred to well-known exchanges.
Whale movements indicate the possibility of a pump, as some market participants believe whales may still flirting prices. Others have speculated that the move could result in a dump, following Ethereum’s performance over the past weeks.
Ethereum’s overall performance remains largely bearish
As highlighted in a recent report from Bankless, the Ethereum ecosystem has taken a severe hit this year. New metrics surfacing reveals that network revenue has dropped by 86%. ETH’s inflation rate also surged by 7.7%. Similarly, Decentralized Finance’s (DeFi) TVL fell by 58%, Bankless noted. Similarly, the report added that the non-fungible token (NFT) marketplace volume also declined by 75%.
Bankless also noted that the total number of stakes in Ethereum has increased significantly. Additionally, the average number of daily active addresses has registered an increase of 3.08%. According to Bankless, NFT merchants also posted a significant growth of 67.8% in Q3 2022.
It is also worth noting that the possibility of a short squeeze is still in sight, following the recent development of Ethereum’s open interest rate topping $7.7 billion, per Coinalyze data.
