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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’s 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’s 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’s 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’s price, the world’s 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 “must hold” 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 “trigger a continuation upwards.”<\/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’s Why It Matters for ETH<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nNext Key Levels<\/h2>\n
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