Whale transactions on the Ethereum ($ETH) network have recently surged to surpass 410 transactions surpassing $1 million earlier this week after dip-buying activity came near a bottom seen on December 16.

According to on-chain analytics firm Santiment, Ethereum’s whale transactions “have shown nice momentum” after prices surged earlier this week, with the cryptocurrency going from under $1,200 per token to around $1,250 at the time of writing.

Per Santiment, Ethereum whale transactions are defined as transactions with a value between $100,000 and $1 million. It’s worth noting, however, that the activity of large Ethereum holders should be viewed with caution, as while an increase in whale transactions can be a sign of confidence, it’s also possible that these investors are simply looking to take advantage of short-term price movements.