Ethereum, the second-largest cryptocurrency by market capitalization, has largely mirrored Bitcoin in its price movements over the past few months, but recent data indicates it may be starting to chart its own path. Within the last week, Ethereum has achieved a 13% increase, outperforming Bitcoin’s 5.8% rise during the same timeframe. This surge in Ethereum’s price is notably linked to increased activity among large Ethereum holders, colloquially known as “whales.”
On-chain analytics from platforms like Glassnode have highlighted significant actions by these Ethereum whales in recent days. Glassnode data shows that large Ethereum holders have collectively added at least 70,000 ETH to their wallets since the beginning of last week. This accumulation surge is reflected in the rise in the number of Ethereum wallets holding 10,000 ETH or more, which has increased by seven in the last 24 hours to a total of 925 wallets. This is up from the 918 wallets recorded on September 18.
Further supporting this trend, analytics from IntoTheBlock (ITB) reveal a marked uptick in transactions involving substantial amounts of Ethereum. ITB employs a specific metric to track transactions exceeding $100,000, and this metric shows that Ethereum whale activity has amassed more than $29 billion over the past seven days. While this figure includes both inflows and outflows from whale wallets, the sheer scale and volume of these transactions are significant. Historically, such heightened activity from large holders is considered a bullish indicator in the cryptocurrency market.
This vigorous activity is also reflected in the inflows of ETH into these large holder wallets. On September 23, recorded inflows skyrocketed to 515,520 ETH, a remarkable 440% increase from the 95,820 ETH logged during the previous 24-hour period.
At present, Ethereum is trading at $2,626. This marks a 13% rise over the past seven days and positions Ethereum to outperform Bitcoin for the first time since the beginning of the year. Ethereum has traditionally mirrored Bitcoin’s price actions so closely that analysts have speculated on its potential for decoupling in the near future.
Given Ethereum’s critical role in the cryptocurrency ecosystem, accumulating more ETH remains a strategic move for many investors. Breaking the $2,600 mark for the first time in September signals a potentially sustained upward trajectory. The next significant milestone is a push past $2,700 before the month concludes, possibly paving the way for Ethereum to approach the $3,000 mark in October.
