Ethereum Whale Transactions Climb As Correlation With S&P 500 Continues
Over time, the crypto market has maintained a close relationship with the stock market. Ethereum, the second-largest cryptocurrency, rose in lockstep with U.S. stocks for the first time in February. As a result, the token’s 40-day correlation coefficient with the S&P 500 reached 0.65. Despite the brake anxious investors have put on price activity in the past week, the Ethereum (ETH) price is poised to rise over the weekend. Although trading volume has increased over the last week, and thus should have resulted in more consistent fluctuations, price responsiveness has been....
Related News
Ethereum whales have been transacting a huge volume of Ethereum, marking the highest one day whale activity since January. Despite widespread losses being posted throughout the crypto market, Ethereum whales have been busy buying and selling Ether (ETH) at a rate not seen since January this year. According to data from Santiment, Ethereum whales made a total of 2,956 transactions, each valued at over $1M on Wednesday, marking the highest day of whale transactions in nearly 5 months. Santiment clarified that whales are typically defined as any account holding between $1M to $10M.....
Polygon’s native coin MATIC continues to gain traction as the cryptocurrency experienced an impressive increase in whale transactions over the past 30 days, bolstering price growth for the digital asset and the ecosystem. Whale Activities Propels Polygon MATIC’s Growth Recently, Polygon MATIC’s whale transaction volume significantly increased over the past 30 days, which has sparked increased interest in the crypto asset. Whale transactions are classified as transactions that are over $100,000. Data from on-chain analytics firm IntoTheBlock has revealed a 3,800% increase....
Analysts reported that there is a growing demand for Ethereum due to the increasing appeal of the digital currency to large investors. The whale activity serves as one of the indicators that the cryptocurrency is gaining momentum for possible significant growth, capitalizing on the positive market sentiment on the crypto industry. Related Reading: Chainlink 125% Target In Sight As Whale, On-Chain Activity Soar—Analyst Growing Whale Activity Santiment reported that the number of transactions made by Ethereum whales saw a huge spike in recent days. ETH whales refer to large investors who....
Data shows Bitcoin has continued to become increasingly tied to the US stock market as the crypto’s correlation with Nasdaq reaches a new all-time high. Bitcoin’s Correlation With The Stock Market Continues To Go Up According to the latest weekly report from Arcane Research, the BTC-Nasdaq correlation has grown to a new ATH of over […]
Bitcoin’s correlation with the stock market has been on the rise over the last year. What started out slowly had quickly ramped up in the last few months to reach the highest correlation points in recorded history. Once this had peaked, it was expected that both markets would begin to decouple from one another. However, […]