Ethereum Whale Deposits $9.12M as Trading Volume Spikes 79%

TLDR

Large Ethereum whale deposited 3,510 ETH ($9.12M) to Kraken after 2 years inactive
Ethereum trading volume surged 79.30% to $28.21B in 24 hours
On-chain metrics show mixed signals, with neutral Network Growth but bullish In the Money metric
Long/Short Ratio slightly favors bulls at 52.28% long vs 47.72% short
Ethereum price up 3.02% to $2,656.39 at time of reporting

A significant Ethereum whale transaction and a spike in trading volume have caught the attention of crypto market watchers.

An early Ethereum ICO participant, who initially received 150,000 ETH (now worth $389.7 million), deposited 3,510 ETH ($9.12 million) into the Kraken exchange. This move came after more than two years of inactivity, potentially signaling renewed interest in the market.

Simultaneously, Ethereum’s trading volume saw a dramatic increase of 79.30% over a 24-hour period, reaching $28.21 billion.

This surge in volume often indicates increased trader interest and can lead to higher price volatility. At the time of reporting, Ethereum was trading at $2,656.39, up 3.02%.

However, on-chain metrics present a mixed picture of Ethereum’s current state. The Net Network Growth remains neutral at 0.19%, suggesting no significant influx of new users.

On a more positive note, the In the Money metric shows a bullish reading of 11.21%, indicating that a substantial portion of Ethereum holders are currently in profit. This could potentially reduce selling pressure and support price stability.

Other metrics, such as Concentration and Large Transactions, show neutral trends with no significant changes in whale accumulation patterns.

This suggests that while the recent whale deposit to Kraken is noteworthy, it has not yet triggered a broader shift in Ethereum’s on-chain dynamics.

The Long/Short Ratio provides a glimpse into trader sentiment, with a slight advantage for the bulls. As of September 23, 52.28% of traders held long positions, while 47.72% were shorting the market.

This marginal majority favoring long positions indicates that traders are leaning towards expectations of further price increases for Ethereum.

The recent whale activity and volume surge have certainly drawn attention to Ethereum, but the mixed on-chain signals suggest caution.

Traders and investors will be closely watching how these developments unfold and whether they translate into sustained price action for the second-largest cryptocurrency by market capitalization.