Ethereum large transactions surge over 300% to $17 billion
Ethereum large transactions surge over 300% to $17 billion
Ethereum, the world’s second-largest cryptocurrency by market capitalization, has experienced a dramatic increase in transaction activity, fueled by a surge in large transactions. According to crypto analyst Ali, Ethereum’s weekly transaction volume rose by over 300%, with daily large transactions reaching an impressive $17.15 billion on Dec. 7. These transactions, often exceeding $100,000, reflect heightened activity from "whales" — major holders of Ethereum.
This surge comes amid a broader crypto market rally, with Bitcoin crossing the $100,000 mark for the first time and Ethereum breaking through $4,000. Ethereum's price hit a high of $4,096 during the current bull run, though it has since retreated slightly, trading at $3,996 as of the latest data. The increase in large transactions is widely seen as a bullish indicator, pointing to strong market demand and optimistic sentiment.
Institutional interest grows as ETFs see record inflows
Institutional investors are also playing a significant role in Ethereum's recent activity. On Dec. 6, a group of nine Ethereum exchange-traded funds (ETFs) saw a net inflow of 108,045 ETH, valued at $433.15 million. The following day, U.S.-listed Ethereum ETFs recorded a single-day inflow of $428 million, marking a new record.
This institutional interest underscores Ethereum's growing appeal as both a speculative asset and a utility token within the decentralized finance (DeFi) and blockchain ecosystem. Analysts believe that the continued influx of funds and whale activity could drive Ethereum to test higher price levels, with $4,500 seen as a potential target.
While Ethereum is trading below $4,000, its price remains up 7.81% for the week. Analysts are watching support levels at $3,680 and $3,523 closely, as a break below these thresholds could dampen bullish momentum. However, sustained demand and market optimism might push Ethereum above $4,094 and potentially toward $4,500.
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