Wrapped Ethereum (WETH) recorded 113,000 whale transactions worth over $100,000 last week. This figure is the highest level since May 2021, according to analytics platform Santiment.
The increase indicates that significant capital is flowing through Ethereum’s trading, lending, liquidity, and decentralized finance (DeFi) infrastructure, rather than sitting in wallets.
WETH Whale activity
Santiment revealed in his latest post on X that the increase coincides with several signs of surging demand for Ethereum. These include accelerated inflows into US spot Ether ETFs, with those from BlackRock $ETH products that are absorbing much of the recent inflows, as well as the growing activity on Robinhood Chain, which uses $ETH for gas and has handled heavy decentralized exchange (DEX) volume since its launch on July 1.
The analytics company also pointed to increasing participation in corporate treasury operations, as it highlighted Bitmine’s holdings of about $5.8 million. $ETH and support from Bitmine, SharpLink and Joe Lubin for Ethlabs to meet increasing institutional demand for Ethereum.
While they don’t guarantee a price increase, these factors are worth paying attention to.
Next key levels
As for $ETHThe price of the world’s largest altcoin by market cap climbed to $1,934 on Wednesday, up nearly 9% on the week and 4.5% on the day. Previously, crypto analyst Ali Martinez said Ethereum remains above the $1,850 ‘must hold’ level; the next upside target would be $2,300.
MN Trading founder Michaël van de Poppe also believes that if the crypto asset holds the crucial support zone above $1,800, it “should trigger a continuation to the upside.”
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A similar projection was made by another analyst, Tony Research, who said $ETH could climb above $2,000 first, with a move towards $2,200 possible if Bitcoin reaches $70,000. However, the rally is expected to be followed by seven to 10 days of distribution before Ethereum settles into a final bottom zone between $1,260 and $890, which the analyst described as an opportunity for dollar-cost averaging (DCA).
According to the forecast, that drop would pave the way for a new bull cycle, with Ethereum eventually targeting $7,000.