The Ethereum network is experiencing an influx of whales, a phenomenon that has preceded bull runs for the asset in the past. Data from Santiment shows that the price of the second-largest cryptocurrency by market cap is correlated with the number of whales holding 100,000 or more ETH.
60 whales join the Ethereum network

As ETH price is correlated with the number of whales holding 100,000 ETH or more, an increase in the number of whales means that a new bull run is underway. Crypto analyst Ali Martinez says 60 whales have joined the network in 2022, “signaling the start of a new bull run.”

This is no wonder because Ethereum is becoming attractive to investors recently. First, the network has so much to offer, being the foremost blockchain for smart contracts and apps. These are just two of the many aspects of Ethereum that have found many applications in everyday life. As a result, analysts and supporters of the network believe that ETH is highly undervalued.

Another possible reason for the influx of whales could be the plan to migrate Ethereum to Proof-of-Stake. Though this has been delayed several times, it is clear that the network will become far more competitive when the migration finally happens. Devs and ordinary users alike are looking forward to the transition which will cut gas fees, make transactions faster, and push the price of ETH higher as more users patronize the network.

13 whales join the Ethereum network in a few days

In the past few days, thirteen whales holding above 100K ETH joined the network, Since March 14th, such top wallets have shown an increase of 4%.