Whale investors started to book profits as ETH rallied.
Whale transactions jumped to their highest levels in seven months.
After days of relative underperformance vis à vis Bitcoin [BTC], Ethereum [ETH] finally gained bullish strength as news of the world’s largest asset manager Blackrock’s potential spot Ethereum ETF application went public.
The second-largest digital asset in the market got a major boost, breaking through the key $2,000 level for the first time since April 2023. While ETH was valued at $1,980 at press time, the market was hopeful of a sustained rise in the near term.
What are whales up to?
As with other cryptos, traders and analysts started to pay special attention to the behavior of smart money investors and whales. This is because the cohort has access to a larger pool of capital and is seen as having a better understanding of the market than retail investors.
According to AMBCrypto’s analysis of Lookonchain data, ETH whale activity spiked dramatically in th
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