The recent activities of Ethereum’s large investors have raised hopes of a continued bull market. After a strong
price move last week that saw Ethereum surpass $3,000 for the first time since
August, there is a new wave of accumulation from Ethereum whales.
The third quarter saw significant selling from
this investor segment as multiple large holders offloaded their assets, dampening
price momentum. At the time of publication, the second-largest crypto was trading at $3,049 after a 3% drop in the past day. The price has experienced a 4% jump in the past week.
Whale Activity
However, things seem to have taken a turn in the
fourth quarter. Onchain data from Lookonchain revealed that a new Ethereum whale
address became active on November 9, accumulating over 18,000 ETH at an average
price of $3,201, Cointelegraph reported.
The wallet reportedly holds Ether worth $57.8 million,
alongside $19.3 million in Tether (USDT). This substantial purchase is now valued
at $23.44 million in the last 24 hours alone. The whale’s decision to hold only Ethereum and USDT
suggests a strategy of accumulating more ETH during potential price dips,
signaling confidence in the asset’s future value.
Earlier, a prominent whale from Ethereum’s 2016
initial coin offering sold off a significant holding, netting an
impressive 80,000% return. More recently, another major Ethereum holder
transferred 6,250 ETH (worth $20 million) to the Kraken exchange, reflecting a past trend where ICO whales offloaded their assets at key price points.
Bitcoin ETF Outflows
While Ethereum whales make waves, Bitcoin exchange-traded funds have experienced their third-largest outflow since
launch, with $400.7 million drained on Thursday, Coindesk reported. Bitcoin’s price corrected by 6% from its all-time high
of $93,000 earlier this week. Despite this, inflows into some ETFs like
BlackRock’s IBIT continue, showing mixed investor sentiment.
Glassnode data shows that in the past three days
alone, investors cashed in a staggering $15 billion. Such profit-taking is
typical after a new all-time high, but if history repeats itself, Bitcoin is expected to find support and rebound.
The return of whale activity hints at renewed
confidence in Ethereum’s long-term potential. This could be an opportunity for
investors, especially if ETH sees further consolidation before a breakout.
This article was written by Jared Kirui at www.financemagnates.com.
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