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On-chain data suggests the Ethereum whales have shown a burst of activity recently. Here’s what these titans have been up to. Ethereum Whale Transactions Are At Their Highest Since March In a new post on X, the market intelligence platform IntoTheBlock has discussed how the ETH whales have become active recently. The on-chain metric of interest here is the “Number of Large Transactions,” which, according to the analytics firm, tracks the total number of Ethereum transactions on the network valued at more than $100,000. Related Reading: Crypto Analyst Reveals Trigger For 17% Polygon (MATIC) Rally Generally, only whale entities can make such large single transaction movements, so such large transfers are associated with these humongous investors. As such, the Number of Large Transactions indicator can tell us whether this cohort is active right now. The chart below shows the recent trend in this Ethereum metric. The graph shows that the Number of large transactions for Ethereum has sharply increased recently. This suggests that the whales have ramped up their activity. The whales have come alive as news surfaced that the ETH spot exchange-traded funds (ETFs) could have improved their approval odds. The hype in the market has meant that ETH has enjoyed a rapid increase, taking its price back around the $3,800 level. With all this happening in the market, it’s only natural that these humongous entities would be repositioning themselves. As the scale of this cohort’s transactions is quite big, a large number of them taking place together can be powerful enough to cause ripples in the market. Thus, ETH could likely witness volatility shortly if the current high whale activity persists. However, the direction this volatility might take on Ethereum depends on whether these investors collectively buy or sell. IntoTheBlock data has also provided hints about this, as the below chart for the “Large Holders Netflow” shows. This indicator measures the net amount of Ethereum moving into or out of the wallets of “Large Holders.” The analytics firm defines Large Holders as those who own at least 0.1% of the entire circulating asset supply. Related Reading: Analyst Says $71,000 Bitcoin Move Is Only Halfway Through, Here’s Why The graph shows that the Large Holders have been participating in accumulation recently, as the netflow has been positive for them. Thus, it appears that the recent activity from the whales has involved net-buying. It remains to be seen if these humongous entities will continue to display this trend in the coming days, potentially helping fuel the rally. ETH Price At the time of writing, Ethereum is floating around $3,750, up more than 26% over the past week. Featured image from Gabriel Dizzi on Unsplash.com, IntoTheBlock.com, chart from TradingView.com