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The true significance of 130'millionaire' whales returning to Ethereum

The cryptocurrency market recently experienced a much-needed surge, with the market cap reaching nearly $1 trillion. Following recent developments surrounding the Merge, Ethereum, the world's largest altcoin, led the charge with a 14 percent increase.

Joining the millionaire club, ETH was trading around the $1.35k mark at the time of writing, thanks to renewed interest from enthusiasts. As the analytical firm Santiment pointed out, whale activities only aided this cause. Following this jump, 131 more whales have returned to the network in the last ten weeks.

Check the status of ETH whale supply distribution here -

eth chart
Source: Santiment

Santiment added - looking at the aforementioned graph

Furthermore, the number of addresses holding 1+ ETH reached an all-time high of 1,554,716. So it's not just major buyers who have jumped into this pool.

However, are these holders, whether old or new, profiting? Yes, indeed.

The profitability of the most popular blockchains was assessed by CryptoRank. In seven days, it published a ranking of the top ten blockchains by revenue based on the data.

Source: Cryptorank

Ethereum is the undisputed king in this space. Ethereum is the market leader, followed by BNB Chain, Bitcoin, and Helium.

Furthermore, according to research firm Jarvis Labs, the 30-day returns for Ether painted a positive picture. The 30d returns in this case measure the aggregated market's short-term profit and loss at a given time.

Source: Jarvis Labs

According to the graph, Ether's 30-day returns are now "moving towards 0 percent after being deeply negative since April." This could be an indication that the market is turning bullish as the Merge approaches.

When the 30-day return falls below 0% during a bull market, this indicates "prime buying opportunities." During bear markets, on the other hand, "flips above 0 percent are ideal selling opportunities."

Is it a good day, or is it...?

Various traders and analysts have painted a bullish picture for the altcoin. According to Michael van de Poppe, Ethereum could experience a "significant run" after breaking through a key level.

However, given the previous correction that this major altcoin has experienced, caution is advised. The flagship cryptocurrency traded above $3,000 before the crypto-markets experienced a severe downtrend, causing its value to plummet.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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