Wrapped Ethereum (WETH) recorded 113,000 whale transactions worth more than $100,000 over the past week. This figure is its highest level since May 2021, according to on-chain analytics platform Santiment.<\/p>\n
The surge indicates that significant capital is moving through Ethereum\u2019s trading, lending, liquidity, and decentralized finance (DeFi) infrastructure rather than remaining idle in wallets.<\/p>\n
Santiment, in its latest post on X, revealed<\/a> that the increase coincides with several signs of rising demand for Ethereum. These include accelerating<\/a> inflows into US spot Ether ETFs, with BlackRock\u2019s ETH products absorbing a large share of recent inflows, as well as growing activity on Robinhood Chain, which uses ETH for gas and has processed heavy decentralized exchange (DEX) volume since its July 1 launch.<\/p>\n The analytics firm also pointed to increasing corporate treasury participation, as it highlighted<\/a> Bitmine\u2019s holdings of around 5.8 million ETH and backing<\/a> from Bitmine, SharpLink, and Joe Lubin for Ethlabs to cater to the increasing institutional demand for Ethereum.<\/p>\n While they do not guarantee a price rally, these factors are worth paying attention to.<\/p>\n As for ETH\u2019s price, the world\u2019s largest altcoin by market cap, climbed to $1,934 on Wednesday, rising by almost 9% on the week and 4.5% on the day. Earlier, crypto analyst Ali Martinez said<\/a> Ethereum remains above the \u201cmust hold\u201d level of $1,850; its next upside target would be $2,300.<\/p>\n MN Trading founder Micha\u00ebl van de Poppe also believes<\/a> that if the crypto asset holds the crucial support zone above $1,800, it should \u201ctrigger a continuation upwards.\u201d<\/p>\n A similar projection was made by another analyst, Tony Research, who said<\/a> ETH could first climb above $2,000, with a move toward the $2,200 area possible if Bitcoin reaches $70,000. However, the rally is expected to be followed by seven to 10 days of distribution before Ethereum falls into a final bottom zone between $1,260 and $890, which the analyst described as a dollar-cost averaging (DCA) opportunity.<\/p>\n According to the forecast, that decline would pave the way for a new bull cycle, with Ethereum eventually targeting $7,000.<\/p>\n The post Wrapped Ethereum Just Logged a Five-Year Whale Record: Here\u2019s Why It Matters for ETH<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Wrapped Ethereum (WETH) recorded 113,000 whale transactions worth more than $100,000 over the past week. This figure is its highest level since May 2021, according to on-chain analytics platform Santiment. The surge indicates that significant capital is moving through Ethereum\u2019s trading, lending, liquidity, and decentralized finance (DeFi) infrastructure rather than remaining idle in wallets. WETH […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-201758","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/201758"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=201758"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/201758\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=201758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=201758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=201758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Next Key Levels<\/h2>\n