Following a slight rally in Ethereum (ETH) this week, investors are not letting go of the opportunity as they embark on profit-taking.
Fresh data from Santiment, a cryptocurrency on-chain analytics platform that provides market updates for over 2,000 digital currencies, suggest a massive inflow of Ethereum to crypto exchanges.
According to Santiment, only yesterday, more than 220,000 ETHs have been transferred from various external wallets to crypto exchanges, in what is considered the highest daily amount of Ethereum inflow to exchanges in the last 11 months.
“Ethereum saw a net of over 220k coins moving on to exchanges yesterday, the highest daily amount in 11 months,” Santiment tweeted.
Santiment noted that Ethereum profit-taking has continued today compared to losses.
“And thus far today, we’re seeing the largest ratio of ETH profit-taking vs. loss transactions since April. Be cautious in these conditions,” the cryptocurrency data provider noted in a tweet.
The sentiment chart further explains that this inflow is the highest since August 2021 and the profit-taking ratio is the highest since April 2022.
😮 #Ethereum saw a net of over 220k coins moving on to exchanges yesterday, the highest daily amount in 11 months. And thus far today, we're seeing the largest ratio of $ETH profit taking vs. loss transactions since April. Be cautious in these conditions. https://t.co/zGJYgf3RF9 pic.twitter.com/NtCZp5tyeM
— Santiment (@santimentfeed) July 7, 2022
ETH Value Soars Over 12% in Days
The second-largest cryptocurrency has been recording nice gains this week after the lengthy crypto winter spell sent its price crashing below $1,000.
Ethereum started trading this week at around $1,070. Interestingly, the digital currency has soared over 12% this week as its price rallied to $1,216.
The asset class currently trades at $1,215 and is up 6.7% in the last 24 hours. Some factors are responsible for the surge in ETH price. However, the most significant is news of Celsius Network paying off its Bitcoin loan after receiving bailout funds from Sam-Bankman Fried’s FTX.
Ethereum Whales’ Patience Pays Off
Meanwhile, ETH’s profit-taking comes days after TheCryptoBasic reported that Ethereum whales have been seriously buying the cryptocurrency after its value dipped.
The data was specific to owners of addresses holding between 100 and 100,000 ETH, who took advantage to accumulate the cryptocurrency, following a 39% dip in the coin’s value.
The balance of ETH held by these addresses increased by 1.1% of ETH’s total supply.
Interestingly, their accumulation spree is paying off gradually as the cryptocurrency’s value continues to skyrocket.