Ethereum whales make sudden move as crypto markets hint at upcoming bounce: Santiment

Market intelligence firm Santiment reports that large crypto investors are accumulating Ethereum (ETH), suggesting that a potential bounce in digital asset markets could be on the horizon.

In a recent post on the social media platform X, Santiment notes a spike in Ethereum whale activity, reaching a six-week high. This heightened activity, often associated with accumulation by major stakeholders, could signal an upcoming rally for the top altcoin, though no immediate price effect is guaranteed.

Santiment’s data shows that on October 24, 6,428 new ETH wallets were created, the highest daily count since September 5. The firm also highlights potential catalysts for a market rally, including increased FUD (fear, uncertainty, and doubt) and growing interest in memecoins, indicating that a bounce might occur in the coming days.

“Solana, Jito, Cosmos, and Jupiter have been standout performers during a volatile week for crypto markets. Meme coins have drawn increased attention, while Bitcoin remains steady,” Santiment notes. If markets continue along their subdued path into the weekend, sentiment may shift, reflecting an uptick in FUD that could lead to a market rebound early next week.

As of the latest data, Ethereum is trading at $2,498, showing a 1.9% increase in the last 24 hours.