Ethereum’s network activity has surged, with active addresses rising 36% since November 5, signaling growing confidence in the cryptocurrency following the elections.
This surge in network engagement is further supported by a 70% price increase, with ETH now positioning itself to challenge its previous all-time high.
$ETH’s active addresses are up 36% since Nov 5, showing real growth and rising confidence post-elections. 🔥
A 70% price surge backed by strong network activity?
Feels like the start of something bigger. 🚀 pic.twitter.com/a7Isbrp3yN
— Kyledoops (@kyledoops) December 8, 2024
The uptick in activity is not just driven by retail investors; whales are also taking profits. Just 8 hours ago, a well-known “diamond-hand” whale, identified as “0x682,” deposited a substantial 11,639 ETH (worth $46.37 million) to Kraken.
This whale had previously withdrawn 96,639 ETH from Coinbase in September 2022 at around $1,580 per ETH and later deposited the full amount on Kraken between March and December 2024 at an average price of $3,080 per ETH. If these were trades, the whale would have earned an impressive $145 million profit, reflecting a 95% return over 2.25 years.
More whales with massive profits seem to be cashing in on $ETH!
8 hours ago, the diamond-hand whale "0x682" deposited the remaining 11,639 $ETH ($46.37M) to #Kraken.
This whale had previously withdrawn 96,639 $ETH from #Coinbase at ~$1,580 in Sep 2022 and later deposited it all… https://t.co/lTOxqp8A6L pic.twitter.com/0Id5dMyLZL
— Spot On Chain (@spotonchain) December 9, 2024
Ethereum Momentum Builds Up Following Up With ETF Performance
Ethereum’s recent momentum is also reflected in its ETF performance. Between December 2 and December 6, Ethereum spot ETFs saw a net inflow of $837 million, setting a new weekly record. BlackRock’s Ethereum ETF (ETHA) led the charge, bringing in $573 million, demonstrating the increasing institutional interest in Ethereum.
Last week (December 2 to December 6, EST), Ethereum spot ETFs had a net inflow of $837 million, reaching a record high for weekly net inflows. The Ethereum spot ETF with the largest weekly net inflows last week was Blackrock's Ethereum ETF ETHA, with a weekly net inflow of $573… pic.twitter.com/PrTDch754c
— Wu Blockchain (@WuBlockchain) December 9, 2024
With only minor on-chain resistance levels remaining, Ethereum seems poised to challenge its previous all-time high, fueled by strong network growth and substantial institutional backing. As whales lock in profits and ETFs continue to see record inflows, Ethereum’s bullish trajectory appears set to continue in the coming months.
With only minor on-chain resistance levels ahead, ETH seems ready to challenge its previous all-time high.
When do you think $ETH will make a new high? pic.twitter.com/0Wsv8V8jGj
— IntoTheBlock (@intotheblock) December 9, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Bastian Riccardi on Unsplash // Image Effects by Colorcinch
