131 Whales Flooded Into The Ethereum Network As The Price Rose.

Along with the price rebound of Ethereum in July, on-chain analytics company Santiment reveals the addition of 131 whales to the Ethereum network in recent weeks.

The number of whales with a balance between 1,000 and 100,000 ETH has increased. According to a note:

Ethereum has recovered quite well in July, up +29% for the month and +14% alone in the past 24 hours. Additionally, there’s an increase in the key 1k to 100k ETH address tier since early May where 131 new whale addresses have popped up on the network.

The number of addresses owning only a little bit more than 1 ETH hit an ATH of 1,557,255, which coincided with an increase in the number of large holders on the Ethereum network.

At the time of publication, ETH is trading at $1,484, up 9.32% over the previous 24 hours and 29.34% for the previous week. The hype surrounding the Merge, which is tentatively scheduled on September 19, contributed to the price surge.

According to Glassnode, a significant short squeeze in futures markets has led to a substantial rally in Ethereum markets. On July 17, it claims that approximately $98 million in short futures contracts were closed off in a single hour, driving ETH prices up by 12.5%.

The price of Ethereum (ETH) increased more significantly than that of Bitcoin in the previous week, showing a growth of about 30% as opposed to Bitcoin’s gains of 8.35% during the same period. Additionally, the ETH/BTC pair has climbed to its highest point since late May.

Four straight green candles were created and the $1,334 barrier was broken during the apparent reversal from the $1,005 low on July 14. On July 18, Ethereum reached intraday highs of $1,497 in a continuation of the bullish market action. As the network continued to test its imminent switch from a proof-of-work to a proof-of-stake consensus, Ethereum’s ninth shadow split went live this past week.

The next update to the Ethereum mainnet, scheduled for later this year, is made possible by the shadow fork. The following month is set aside for the third and final testnet merge, Goerli.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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