Ethereum
Ethereum whales hoard $2.45 billion in ETH as prices fall By CoinEdition
- Whales bought over 700,000 ETH in three weeks for $2.45 billion amid the downturn.
- These whales are investors holding between 10,000 and 100,000 ETH tokens.
- The TD Sequential Indicator issued a buy signal on the daily chart.
Amid continued selling pressure in the Ethereum market, prominent investors are seizing the opportunity to accumulate ETH in anticipation of the next bullish phase of the market. Yesterday, in an article on X, on-chain analyst Ali Martinez drew attention to the significant activity of Ethereum whales.
Citing data from market intelligence platform Santiment, Martinez revealed that ETH whales purchased over 700,000 tokens over the past three weeks, representing a substantial inflow of $2.45 billion into the Ethereum market despite the current slowdown.
#Ethereum whales have purchased over $700,000 in the last three weeks, totaling around $2.45 billion! pic.twitter.com/sfmXnkqD49
— Ali (@ali_charts) June 15, 2024
This latest update from Martinez follows an earlier one in which he revealed that Ethereum whales purchased around 240,000 tokens worth around $840 million in one day during the asset’s collapse to 3 $434. These whales include investors holding between 10,000 and 100,000 ETH tokens.
During the last days of May, when the ETF frenzy pushed Ethereum close to the $4,000 price level, the on-chain activities of these whales contrasted with the uptrend.
Meanwhile, as the market retreated from this surge, the holdings of these whales gradually increased. As the attached chart shows, the buying frenzy has particularly accelerated in recent days as the value of ETH retested the $3,400 threshold.
At press time, ETH is trading at $3,563, representing a 3.5% loss from its value last week, while retaining over 18% of the gains accumulated over the past 30 last 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 bounce of one to four daily candlesticks for ETH. This projection is now partly materializing as the asset recorded a gain of 1% over the last 24 hours.
The post Ethereum Whales Hoard $2.45 Billion in ETH as Prices Drop appeared first on Coin Edition.