Here’s why Ethereum whales’ warm-up could be an opportunity for retail traders
An ordinary minnow or a shark going about their day might spot a pod of mysterious whales traversing the turbid depths of the crypto sea – only to conclude that it has nothing to do with them. This couldn’t be further from the truth as the actions of whales can help other investors roughly guess when large-scale buying or selling actions are about to happen.
And for that reason, it’s time to look closer at Ethereum [ETH].
Analyst Ali Martinez claimed that when it came to ETH, a prime place to look was the transactions of whales with more than 10,000 ETH. Pointing to past price rallies that followed whale accumulation, Martinez claimed that 60 whales joined the ETH pod since February this year. The analyst further said this could be a sign of an upcoming bull run.
<p lang=«en» dir=«ltr» xml:lang=«en»>#Ethereum price is correlated with the # of whales with over 10K $ETH.When whales began accumulating in Sept'20, $ETH rose by 1,300%. When they started offloading in May'21, ETH fell by 62%.
60 whales have joined the network since Feb'22, signaling the start of a new bull run. pic.twitter.com/4qj9XBUH07
— Ali Martinez (@ali_charts) April 20, 2022
So, are these movements visible to the naked eye? Well, it’s hard to tell. When looking at whale transactions worth more than $100k, the past days have been seeing consistent spikes, but there’s nothing to suggest an abnormal number of new whales entering the network.
Source: Santiment
But sometimes, a change of perspective can help. When looking at the Ether supply held by the top non-exchange addresses, we see a spike that took the number of ETH above 25 million.
Source: Santiment
If that wasn’t evidence enough, ETH active addresses surged from 18 April. While late March and most of April
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