Ethereum

Million

Optimism

Shopping

<a href="https://bitcoinworld.co.in/ethereum-whales-engage-in-a-425-million-shopping-spree-signaling-optimism/" title="Ethereum Whales Engage in a $425 Million Shopping Spree, Signaling Optimism" rel="noopener noreferrer nofollow"></a> 
Recent on-chain data has revealed that Ethereum whales have embarked on a substantial $425 million shopping spree, potentially indicating positive prospects for the cryptocurrency’s price. In a post on X, Analyst Ali highlighted these noteworthy purchases, shedding light on the “ETH Supply Distribution” indicator, which tracks the total supply held by different investor groups. 
Investors and addresses are categorized into these groups based on the quantity of tokens they possess. For example, the 1 to 10 coin category includes all investors holding between 1 and 10 ETH. However, the focus here lies on the group known as the whales, individuals or entities with wallet holdings ranging from 10,000 to 100,000 coins. 
Whales are influential entities within the Ethereum network due to their substantial holdings, translating to approximately $16.3 million at the lower end and $163 million at the upper end of the range. 
The accompanying chart illustrates the recent changes in total supply held by Ethereum whales over the past week. The data clearly shows a significant increase in supply held by these large holders. In just 24 hours, these whales purchased around 260,000 ETH, equivalent to approximately $423 million at the current exchange rate. 
As a result of this buying spree, the total supply within this whale cohort has now reached approximately 27.03 million ETH, signifying that they control roughly 22.5% of the entire circulating supply of Ethereum. This accumulation by Ethereum whales is a positive sign for the cryptocurrency, as it suggests their support for current price levels, potentially boosting the likelihood of a price rebound. 
However, the same analyst has noted caution regarding Ethereum’s current price. Only some investors have established their cost basis at this level, as data shows the number of investors in each Ethereum price range. Notably, the current price range has fewer holders, with more substantial concentrations in price ranges just above the current one. This implies that, at current prices, a significant portion of investors would face average losses. 
Typically, zones with a high concentration of cost bases serve as price support, but no such zone exists in the lower price ranges. Ali suggests this could lead to a correction, with the $1,200 level becoming the next significant support level. 
While the buying activity from Ethereum whales at current prices is a positive development, the cryptocurrency may still need to recover to reach denser cost basis zones for a robust rebound. At the time of writing, Ethereum is trading at approximately $1,600, reflecting a 5% decline over the past week. Investors and analysts alike will closely monitor how these dynamics evolve in the coming days. 
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Ethereum Whales Engage in a $425 Million Shopping Spree, Signaling Optimism

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