Ethereum Surges as Whales Move $374M in ETH Within Hours

Ethereum (ETH) continues to lead the crypto market rally, posting the highest daily gains among top cryptocurrencies by market cap. According to CoinMarketCap, ETH surged 6.58% in the past 24 hours and is currently trading around $3,248. This bullish momentum is supported by on-chain activity, with analytics firm Whale Alert detecting massive ETH transfers totaling over 117,678 ETH—worth approximately $374 million—within a four-hour window.

The transfers were split into four major transactions. The largest was a 40,000 ETH movement (about $127 million) to Kraken, sparking speculation about a potential sell-off or liquidity provision. Additional transfers included 19,126 ETH, 31,775 ETH, and 26,777 ETH moved across Coinbase and Cumberland. Although the motives remain unclear, such whale activity between private wallets and exchanges typically indicates institutional involvement and heightened market interest.

Interestingly, despite these large-scale transactions, Ethereum’s overall large transaction volume declined by 5.87% over the last day. This decrease may point to a brief cooldown in whale activity, raising concerns among investors about the longevity of the current bull run.

Still, Ethereum's price rally has ignited optimism, especially as holder numbers hit record highs. With whales actively engaging in high-volume transfers and ETH maintaining upward momentum, market sentiment remains cautiously bullish. Traders are now watching closely for the next key move, especially with speculation of a “God Candle” that could push ETH toward the $4,000 mark.

The recent whale movements and price gains reinforce Ethereum’s strong position in the current market cycle, signaling possible institutional confidence and continued investor interest.