u.today 01 October 2024 16:26, UTC

Ethereum, the second largest cryptocurrency by market capitalization, has seen a massive surge in large transaction volume indicative of whale activity.

According to IntoTheBlock data, Ethereum’s large transaction volume amounted to $5.69 billion, an increase of 230.12% in the last 24 hours.

Large transactions are those above $100,000, and a surge in these kinds of transactions might signal increased whale activity, either buying or selling.

The broader crypto market has recently drawn favorable sentiment, and Ethereum is no exception.

According to the most recent CoinShares report, digital asset investment products saw $1.2 billion in inflows for the third week in a row, likely due to expectations of dovish monetary policy in the U.S. and positive price momentum. Ethereum broke its five-week negative streak with $87 million inflows, the first since early August.

At the time of writing, Ethereum was down 0.77% in the last 24 hours to $2,613.

Ethereum transfers to be enabled in Europe via Robinhood

In a recent announcement, retail investing platform Robinhood has announced that it is offering customers in Europe the ability to transfer cryptocurrencies in and out of its app.

As it expands internationally, the company aims to enhance its product offerings in the region.

Robinhood stated that users in the European Union would be able to deposit and withdraw more than 20 digital currencies using its platform, including ethereum, as well as major cryptocurrencies such as Bitcoin, Solana, USD coin and others.