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Ethereum Whales Accumulate $2.45 Billion ETH as Prices Dip

Published 06/16/2024, 08:03 AM
Updated 06/16/2024, 08:30 AM
© Reuters Ethereum Whales Accumulate $2.45 Billion ETH as Prices Dip
ETH/USD
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  • Whales bought over 700K ETH in three weeks with $2.45B amid the downturn.
  • These whales are investors holding between 10,000 and 100,000 ETH tokens.
  • TD Sequential indicator issued a buy signal on the Ethereum daily chart.

Amid ongoing selling pressures in the Ethereum market, prominent investors are seizing the opportunity to accumulate ETH in anticipation of the next bull market phase. In a post on X yesterday, on-chain analyst Ali Martinez called attention to the significant activity of Ethereum whales.

Citing data from the market intelligence platform Santiment, Martinez revealed that ETH whales have purchased over 700,000 tokens in the last three weeks, amounting to a substantial $2.45 billion influx into the Ethereum market despite the current downturn.

This latest update from Martinez follows an earlier one in which he disclosed that Ethereum whales bought about 240,000 tokens worth about $840 million in one day during the asset crash to $3,434. Notably, these whales are investors holding between 10,000 and 100,000 ETH tokens.

During the final days of May, when the ETF frenzy pushed Ethereum close to the $4,000 price level, these whales’ on-chain activities contrasted with the bullish trend.

Meanwhile, as the market pulled back from this surge, the holdings of these whales gradually increased. As the accompanying chart shows, the buying frenzy gained particular momentum in the last few days as the value of ETH retested the $3,400 threshold.

At press time, ETH is trading at $3,563, marking a 3.5% loss from its value last week, yet maintaining over 18% of the gains accrued in the past 30 days.

In a separate analysis, Martinez highlighted the TD Sequential technical indicator, which issued a buy signal on the Ethereum daily chart. According to Martinez, the market can expect a rebound of one to four daily candlesticks for ETH. This projection is now partly materializing as the asset has posted a 1% gain in the last 24 hours.

The post Ethereum Whales Accumulate $2.45 Billion ETH as Prices Dip appeared first on Coin Edition.

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