Ethereum whales’ activity has been constantly on a downward momentum, according to Santiment

Ethereum has been consolidating above the $1,800 mark over the past week while the asset witnessed a significant drop in whale activity.

According to data provided by a market intelligence platform Santiment, Ethereum (ETH) whales’ activity has been constantly on a downward momentum. Ethereum whales completed 3,976 transactions, each worth at least $100,000, on Aug. 1.

At the time of writing, Santiment recorded only 744 such transactions in the past 24 hours. Quite similarly, whale transactions consisting of at least $1 million worth of ETH have also dropped from 672 on the first day of the month to 95 at the time of writing.

On the other hand, an ETH whale, nd4.eth, sent 2,500 coins to a dead wallet after his “girlfriend” allegedly “cheated on him.” The burned tokens are currently worth over $4.5 billion. On-chain data shows that nd4.eth still holds 32 different crypto assets and a CryptoPunk NFT — all worth around $196,000.

Moreover, Santiment data shows that the amount of Ethereum supply outside exchanges has been constantly hitting new all-time highs since March. Per the data, 35.9 million coins are sitting in non-exchange addresses, showing signs of long-term accumulation.

Ethereum has been consolidating between $1,825 and $1,870 over the past week. The asset is up by 0.2% in the past 24 hours and trading at around $1,830 at the time of writing. The upward momentum comes as ETH’s 24-hour trading volume surges by 25%, currently sitting at over $3.5 billion.

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