Crypto Analyzer

The Rise of Ethereum: 300,000 ETH Moved Amidst Surge in Non-Zero Addresses

Recently, the Ethereum network has witnessed significant activity both in terms of wallet usage and large transactions. Glassnode, a respected data supplier in the crypto space, has highlighted two key metrics that have reached all-time highs, both related to Ethereum wallets. Additionally, a substantial transfer of 300,000 ETH has been detected between anonymous addresses.

Record Number of ETH Wallets

According to Glassnode analytics, the number of wallets holding more than 0.01 ETH has soared to a new peak of 7,863,908. This marked an increase of 608 wallets compared to the previous ATH. Another notable metric on the rise is the number of non-zero ETH wallets, which saw a growth of 3,494 within a day.

These surges in wallet metrics indicate a growing interest in Ethereum, with a particular focus on retail investors showing enthusiasm for the cryptocurrency.

300,000 ETH Transferred by Crypto Whales

Whale Alert, a platform that tracks large crypto transactions, reported significant activity involving Ethereum. Three consecutive transfers of 100,000 ETH each were detected, totaling 300,000 ETH or approximately $68.4 million. These transfers involved anonymous wallets, hinting at the involvement of crypto whales.

Subsequently, a separate transfer of 37,000 ETH was identified as being processed by the South Korean Bithumb exchange. Analysts speculate that these massive transfers could be linked to the booming decentralized finance (DeFi) sector, where an increasing amount of ETH is being locked into various DeFi applications.

With the growth of the DeFi ecosystem and the ongoing developments in the Ethereum network, many supporters anticipate a significant price surge for ETH in the near future.

As the Ethereum network continues to witness heightened activity and interest, it reinforces the cryptocurrency’s position as a key player in the blockchain and decentralized finance space.

Source:
– U.Today by Yuri Molchan