Ethereum is once again demonstrating the growth that cemented its position as the second-largest crypto asset by market cap, a title it has held consistently for nearly eight years.
Recent data reveals a surge in whale transactions, with key holders significantly ramping up activity—contributing to Ethereum’s recent 14-week high in trading momentum. Transaction volumes have surged to $10.4 billion in recent days, a strong indicator of heightened interest.
📈 Ethereum, currently sitting at $3.12K, is finally showing the growth that helped it climb to the #2 ranked market cap asset in crypto, largely staying in this position throughout the past 8 years.
Whale transaction data indicates a major spike in key stakeholder activity.… pic.twitter.com/CWPpeMPWla
— Santiment (@santimentfeed) November 10, 2024
One of the most notable moves in the market comes from Justin Sun (@justinsuntron), who appears to be capitalizing on Ethereum’s latest rally.
Just 15 hours ago, Sun deposited 19,000 ETH (worth $60.83 million) to HTX at a price of $3,202 per ETH.
This deposit is part of a larger net acquisition of 392,474 ETH that Sun reportedly amassed across three wallets from February 8 to August 5.
With an average purchase price of $3,027 per ETH, his holdings represent an estimated cost of $1.19 billion, positioning him with a potential profit of $69.36 million—a gain of about 5.69%.
Justin Sun (@justinsuntron) appears to be cashing in on $ETH amid the latest market rally!
15 hours ago, he deposited the first 19,000 $ETH ($60.83M) to HTX at $3,202.
This was part of the net 392,474 $ETH he allegedly acquired at an average price of $3,027 (est. cost: $1.19B)… https://t.co/976PXgoJ80 pic.twitter.com/UCNpE0vnVp
— Spot On Chain (@spotonchain) November 11, 2024
Ethereum’s Institutional Inflow Contributes To Growth
The inflow of institutional funds is also adding to Ethereum’s growth. From November 4 to 8, Ethereum spot ETFs hit a record, with a net inflow of $154 million. BlackRock’s ETF ETHA led with $94.44 million, closely followed by Fidelity’s FETH ETF at $42.72 million, reflecting growing investor confidence in Ethereum as a long-term asset. This inflow has set a new weekly high for Ethereum-focused ETFs.
From November 4 to 8, the Ethereum spot ETF smashed records with a net inflow of $154 million.
BlackRock's ETF ETHA led the charge with $94.44 million, closely followed by Fidelity's ETF FETH at $42.72 million, signaling a booming investor appetite for Ethereum.
This marks a… pic.twitter.com/L91VEFaVPp
— Kyledoops (@kyledoops) November 11, 2024
Ethereum’s recent momentum underscores the increased attention from both major stakeholders and institutional investors, signaling a promising outlook as the market continues to rally.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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