Ether Whales Make Waves: Major Players Scoop Up ETH
Whale Activity on the Rise
It seems Ether whales are on a shopping spree! According to on-chain analysts, these crypto giants are snapping up Ethereum (ETH) because the digital asset rebounds from a weekend downturn. On Sunday, Arkham Intelligence, a blockchain analytics firm, noted that one particular address has hoarded $300 million price of ETH through over-the-counter (OTC) trades at Galaxy Digital. Currently, this whale holds a whopping 79,461 ETH, valued at roughly $282.5 million.
BlackRock Joins the Frenzy
BlackRock, a heavyweight in asset management, is not sitting this one out. The firm has been busy accumulating ETH, with its iShares Ethereum Trust ETF witnessing inflows of $1.7 billion over the past ten consecutive trading sessions. Dune Analytics reports that Ether holdings in exchange-traded funds have shot up by over 40% in only 30 days—speak about a buying frenzy!
ETH Mega Whales on the Move
Looking at the larger picture, the variety of “mega whale” addresses—those holding greater than 10,000 ETH—has surged over the past month, in response to Glassnode. Since July, greater than 200 latest mega whale addresses have appeared. This includes wallets owned by exchanges, large custodians, and exchange-traded products, all of which have been aggressively increasing their ETH reserves.
Ether’s Price Bouncing Back
After dipping below $3,400 over the weekend, Ether prices showed signs of recovery by climbing back to $3,560 on Monday. Monika Mlodzianowska from the CoinW exchange suggests that while initial investor jitters were brought on by labor market trends, the potential for monetary easing could soon turn the tides, offering a bullish outlook as liquidity expectations evolve.
August: A Historically Bearish Month for Ether
Historically, August hasn’t been kind to Ether. Much like Bitcoin, Ether has faced losses in August over the past three years. In 2023 and 2024, the asset saw double-digit declines, even though it did rally by a formidable 35.6% in August 2021, a yr marked by bullish trends. Eric Trump, son of former US President Donald Trump, even chimed in on social media over the weekend, encouraging his followers to seize the chance and buy the ETH dip.
Ethereum: Wall Street’s Silent Backbone?
Meanwhile, CNBC has dubbed Ethereum “Wall Street’s invisible backbone” in a recent article, highlighting its growing significance within the financial world. As the interest from institutional investors continues to rise, the longer term for Ethereum looks intriguing and filled with possibilities.
