ETH’s correlation to S&P 500 and ‘climbing’ whale transaction hint at…

ambcrypto.com:

The crypto market persisted in following the stock market closely over the years. In February, Ether, the second-largest cryptocurrency, moved in tandem with U.S. stocks like never before. Consequently, a 40-day correlation coefficient for the token and the S&P 500 topped at 0.65.

Continuing the trend, here’s the latest relationship status.

Ethereum showcased a prominent (+ve) correlation with the S&P 500 index as per data from the crypto market behavior analysis platform, Santiment. ETH’s price witnessed a 3% surge following a 1.8% pull in the S&P 500 index’s statistics.

Source: Santiment

The 29 April tweet added,

“Aided by a +1.8% day in the SP500, Ethereum has jumped back above $2,930 with its tight correlation to equities markets.”

Now as seen in the graph above, ETH’s dominant buyers whales, reciprocated the same bullishness by acquiring more of ETH. The number of whale transactions exceeding a value of $100,000 increased significantly on the day.

Around 1,451 such transactions got recorded in a 4-hour period. Santiment opined that the spike indicated that key stakeholders took notice of the price climb.

Needless to say, these dominant buyers have stood by the flagship coin’s side. As per the latest spree, Ethereum whales moved over 85,000 ETH in a single day.

Furthermore, according to IntoTheBlock, 70% of ETH HODLers witnessed massive gains- one of the highest shares within the cryptocurrency market.

At the same time, ETH’s ecosystem saw an increase in the number of unique interactions.