Ethereum Whales Spend $185 Million To Accumulate 70,000 ETH, Time To Buy?
25 Septiembre 2024 - 2:00PM
NEWSBTC
Ethereum has largely mirrored Bitcoin in terms of price action and
has yet to break out on its own accord in the past few months.
According to price data, Ethereum is up by 13% in the past seven
days, outpacing Bitcoin’s increase of 5.8% in the same time frame.
Behind this interesting increase in Ethereum are some large
Ethereum holders who seem to be increasing their holdings.
Notably, on-chain data from multiple analytics platform points to
an uptick in activity from Ethereum whales in the past few days.
Particularly, Glassnode data suggests large holders of Ethereum
have added at least 70,000 ETH into their wallets since the
beginning of last week. Ethereum Whales Spend Big On ETH The
interesting Ethereum whale activity noted above is revealed through
on-chain analytics platform Glassnode. As shown in the chart below,
the number of Ethereum wallets holding 10,000 ETH or more has
experienced a rise in the last 24 hours, increasing to 925 wallets.
This marks a gain of about seven new whale wallets that have
accumulated a huge number of ETH tokens, up from the 918 wallets
recorded on September 18. Related Reading: Bitcoin
Prediction: Crypto Pundit Reveals Why $100,000 Is The Nominal Price
Level For 2025 Supporting this trend, additional data from
IntoTheBlock (ITB) indicates a surge in activity from addresses
holding substantial amounts of Ethereum. ITB tracks these movements
through a specific metric that monitors the number and value of
transactions exceeding $100,000. According to this metric, Ethereum
whale activity has reached over $29 billion in the past seven days.
While this figure accounts for both inflows and outflows from whale
wallets, the sheer scale of these transactions is notable.
Historically, such high levels of activity from large holders tend
to be a bullish indicator for cryptocurrencies. This heightened
activity is further reflected in the inflows of ETH into large
holder wallets. On September 23, these inflows soared to 515,520
ETH, representing an impressive 440% spike compared to the 95,820
ETH recorded during the previous 24-hour period. Time To Buy
ETH? At the time of writing, Ethereum is trading at $2,626. As
noted earlier, this is on the back of a 13% increase in the past
seven days, prompting Ethereum’s overperformance over Bitcoin for
the first time since the beginning of the year. The leading altcoin
has mirrored Bitcoin’s movements so consistently that some analysts
have questioned its potential for decoupling anytime soon. Related
Reading: XRP Remains Bullish: Crypto Experts Unveil Predictions For
The Price Ethereum’s importance in the crypto industry means
there’s never a bad time to accumulate more ETH. Ethereum just
broke over $2,600 for the first time in September, which is the
first step in a sustained move to the upside. The next key target
is to break above $2,700 before the end of the month, which could
pave the way for a push towards $3,000 in October. Featured image
created with Dall.E, chart from Tradingview.com
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