Recent on-chain data shared insights into the intriguing behavior of cryptocurrency whales as October kicked off with a bang and then settled into a surprisingly calm state. The statement offered a glimmer of optimism amid market fluctuations, highlighting whale accumulation and a notable six-year low in supply on exchanges. Dive into our comprehensive monthly report to explore what the crypto community should keep an eye on.
Cryptocurrency markets have witnessed a captivating development as crypto whales have begun to stake their accumulated Ether (ETH). According to Lookonchain, a sophisticated on-chain analytics tool, the native token of the Ethereum blockchain has been steadily accumulating and staking by these influential market participants.
Whale movements
Lookonchain’s data revealed two formidable whales that recently executed substantial ETH withdrawals from the Binance exchange. One of these crypto giants withdrew a staggering 4,288 ETH, valued at an impressive $7.2 million, while the other withdrew an even more remarkable 9,530 ETH, worth a staggering $16 million. Astonishingly, all of the ETH withdrawn by these whales was promptly staked, as clearly evidenced by Lookonchain’s meticulous tracking.
The crypto community has been buzzing with speculation in response to this extraordinary development. A user named Crypto Vikings, taking to X (formerly Twitter), suggested that this accumulation frenzy might be attributed to the looming approval of an Exchange-Traded Fund (ETF) for ETH Futures. The timing of Lookonchain’s analysis couldn’t have been more opportune, coinciding with a renewed sense of optimism surrounding the price of ETH.
Following a brief dip to a local low of $1,563 on September 25th, ETH embarked on an impressive rally. TradingView data highlights that for seven consecutive days, ETH’s price consistently closed higher than its opening price, culminating in an impressive cumulative gain of nearly 11%.
Lookonchain’s ongoing monitoring of whale accumulation and the growing positive sentiment in the market suggests that if ETH can breach the $1,750 mark, the pioneer cryptocurrency may soar beyond $1,800 and potentially even higher.
This resurgence in the cryptocurrency market extends beyond Ethereum, as many digital assets have started the fourth quarter of 2023 with renewed optimism. Several crypto experts attribute this recent revival to the forthcoming Bitcoin halving, coupled with the anticipation of the ETH Futures ETF approval.
With Ethereum leading the charge, the cryptocurrency landscape appears poised for exciting developments in the weeks and months ahead. Stay tuned for further insights and analysis as the crypto market continues its dynamic journey.
