Whale activity suggests adopting ETH staking and accepting Ethereum ecosystem assets as long-term value drivers rather than short-term deals.
Whale transfers show increasing interest in ETH and well-known DeFi projects. There are also expectations of an imminent release of the Ethereum ETF, which analysts consider to be a harbinger of a new wave of growth that will bring ETH to the $4,000 level.
Pundits are studying the flow of ETH from big wallets belonging to old ICO projects to determine whether the funds are to be sold or locked in third-party platforms.
ETH whales were active in the spot market in the past three months to increase pressure, focusing on a large price shift.
Exploring Innovations: Whales Experiment with New Forms of ETH Staking
For instance, a large wallet was cashed out at exchanges during the recent whale event, and many tokens were staked.
I noticed that a whale bought 16.074 ETH worth $49. 24 million in the past week.
This means that its Ethereum staking contract currently holds over 47.5 million ETH after recent inflows. It notes that staking through approved bodies is safe for token owners since it allows them to sell staking tokens for flexibility.
For instance, Binance has a staking feature such as Wrapped Beacon ETH (WBETH), which facilitates EigenLayer integration and drives trader attention. Investing in WBETH in Binance is an attractive way of acquiring staking tokens in conjunction with the current 2.85% APY for staked ETH.
WBETH is positively correlated with a large Telegram channel focusing on crypto tokens, indicating regular ARs and active trading at around $3,204, compared to recent spot ETH at $3,069.56. This price dynamic may drive more deposits into the Binance staking program for WBETH.
The appearance of the WBETH and the possible influence of the outcome help explain the actions of ICO projects such as Golem that have shifted to staking strategies. From addresses related to its ICO wallet, Golem has transitioned to direct staking with more than 1 million WBETH generated from Binance deposits.
Large Investors Start to Engage with Ethereum Landscape
The latest on-chain data shows the growing activity of large investors in tokens related to the Ethereum ecosystem. Although DEX trading has remained below the 2021 levels, major advancements in DEX products and a considerable upsurge in fees and adoption for DEXs like Uniswap bodes well for 2024.
There is increasing FOMO towards DeFi tokens, especially as projects record better quarterly revenues, with MakerDAO recording its highest earnings at $85 million. The “fat app” concept is being adopted within DeFi applications, which may share the earnings through a token burn to increase the token price.
However, tokens pegged to Ethereum are the most profitable for whales and large liquidity providers, as was seen recently in the accumulation of assets such as UNI, indicating bullish sentiments for further growth expansion in Ethereum-based trading and lending.
According to Dune Analytics, DeFi activity on Ethereum rose last week, going up from $51 billion to $54 billion in total value locked, while the fees in the first quarter reached $1 billion.
Nevertheless, in the short term, Ethereum might be outperformed by TRON or Bitcoin weekly or monthly; however, it is the ultimate leader in baseline high-level activity and consistently high and predictable fees.
Disclaimer: Cryptocurrency investments are considered high-risk and may result in a lack of capital; the facts provided are widespread, and beginners are not advised to spend money on shares.
