Despite widespread losses being posted throughout the crypto market, Ethereum whales have been busy buying and selling Ether (ETH) at a rate not seen since January this year.

According to data from Santiment, Ethereum whales made a total of 2,956 transactions, each valued at over $1M on Wednesday, marking the highest day of whale transactions in nearly 5 months. Santiment clarified that whales are typically defined as any account holding between $1M to $10M.

The data comes as the ETH/BTC paring also continues its display of relative strength, despite the Terra-based contagion that continues to put downward pressure on the market and general sentiment.

Earlier this week on May 6, ETH/BTC reached a three week high and according to market analysis from Cointelegraph the paring is hinting at a potential breakout, particularly as both Bitcoin (BTC) and Ether approach what Santiment has called their “historic buy zones.

Notably, Ethereum has grown by nearly 250% against Bitcoin since the Beacon Chain went live, marking the beginning of its migration to proof-of-stake in December 2020.

It isn’t just the Ethereum whales that have been busy either — according to data from Glassnode, Wednesday also marked the largest one day…


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