Santiment, a market intelligence firm, has reported that wealthy crypto investors are amassing Ethereum (ETH) and suggests that a rebound in digital asset markets may be on the horizon.
In a recent post on the social media platform X, Santiment notes that the activity level of ETH whales has surged to a six-week high, indicating a positive sign that the leading altcoin could ignite a rally.
“Ethereum’s whale activity spiked to a six-week high as its price declined as low as $2,380 on Friday. Historically, this is a sign of accumulation from high capital key stakeholders. Though not a guarantee this will have an immediate effect on prices bouncing, it is encouraging.”
The chart from Santiment indicates that on October 24th, 6,428 new ETH wallets were created, marking the highest daily number since September 5th.
The crypto analytics firm also highlights some potential catalysts for a market rally, including increased FUD (fear, doubt, and uncertainty) as well as heightened attention toward memecoins, suggesting that a bounce may occur in the next few days.
“Solana, Jito, Cosmos, and Jupiter have been the notable standouts during a tumultuous up and down week for crypto markets. Data indicates meme coins have drawn increased interest levels while Bitcoin treads water. Assuming markets keep their underwhelming trajectories going into the weekend, expect for sentiment to begin reflecting some much-needed FUD, which would in turn imply a market bounce to start [this] week.”
At the time of writing, Ethereum is trading for $2,498, marking a 1.9% increase during the last 24 hours.
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