Ethereum

Bitcoin

Billion

Ethereum whales have been bullish for a long time now, even through the stretched-out bear market of the last year, and their accumulation trends prove this. According to Santiment, the largest <a href="https://www.newsbtc.com/news/ethereum/ethereum-spot-etf-blackrock/">Ethereum wallets</a> have been stacking up <a href="https://www.newsbtc.com/ethereum-news/ethereum-insider-eth-founders-fraud/">ETH</a> at an alarming rate, suggesting that these large investors expect the price to keep going up. 
<h2 class="p2" id="ethereum-whales-buy-124-billion-worth-of-tokens">Ethereum Whales Buy $124 Billion Worth Of Tokens</h2> 
Santiment <a href="https://x.com/santimentfeed/status/1727034190137557111?s=20" rel="nofollow">reports</a> that the top 200 Ethereum whales have been buying <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rally-in-jeopardy-2020/">ETH</a> since November 21, 2022. This was just a few weeks after the <a href="https://www.newsbtc.com/ftx/is-buying-ftt-now-a-once-in-a-life-opportunity-for-ftx-believers/">FTX crypto exchange</a> filed for bankruptcy, sending cryptocurrency prices across the space into a downward spiral. ETH prices would eventually fall as low as $900 and as fear grew, so did the opportunity for buying. 
However, even after prices began to recover once more, breaking above $1,000, these <a href="https://www.newsbtc.com/bitcoin-news/on-chain-tracker-notices-major-difference-between-bitcoin-and-ethereum-whales/">large investors</a> did not reduce their buying. Santiment reveals that they continued to purchase tokens and by November 2022, these top 200 Ethereum wallets have bought up $124 billion worth of ETH. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-561907 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum.jpeg?w=460&amp;resize=460%2C269" alt="Ethereum" width="460" height="269" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum.jpeg?w=1753 1753w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum.jpeg?w=460&amp;resize=460%2C269 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum.jpeg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Ethereum.jpeg?w=1140 1140w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
In total, these addresses increased their holdings by a whopping 30%, and they now hold a collective 62.76 million tokens. This figure means that the top 200 <a href="https://www.newsbtc.com/news/ethereum/ethereum-exchange-supply-price/">Ethereum wallets</a> now command approximately 52% of the total ETH supply. 
The whale buying spree has not been the only bullish development for Ethereum though as there has been a marked increase in the number of new ETH wallets that are being created. Santiment notes that on Tuesday, November 21, a total of 94,700 new wallets were created on the network, a new 4-month high. This could point to a return of interest in the ecosystem and adoption could trigger a price recovery. 
<h2 class="p2" id="eth-on-the-cusp-of-recovery">ETH On The Cusp Of Recovery</h2> 
Although the price of Ethereum has been hit hard following the <a href="https://bitcoinist.com/binance-ceo-to-step-down-4-billion-settlement/" rel="nofollow">news of Binance and its CEO Changpeng Zhao hitting the space</a> hard, it has maintained a reasonable price level just below $2,000. This ensures that forecasts are still valid and the chances of recovery remain high. 
Crypto analyst FieryTrading has <a href="https://www.tradingview.com/chart/ETHUSDT/81FuOBLr-Ethereum-Bull-Flag-Patience-For-Break-Out/" rel="nofollow">forecasted</a> that the <a href="https://www.newsbtc.com/news/ethereum/ethereum-exchange-supply-price/">Ethereum price</a> could cross back into the $2,350 territory soon. The analyst notes that the [rice had been on a continuous consolidation trend following the rise from $1,500 to $2,100. Given this, FieryTrading expects the altcoin to break out of its current ‘bull-flag’ as the market rallies. 
“Bull-flags are bullish continuation patterns, to bullish price action is the most likely result from this pattern,” FieryTrading explains. Once this breakout happens, then the analyst places the “Target at 2400$ for the coming weeks.” 
<a href="https://www.newsbtc.com/ethereum-news/ethereum-insider-eth-founders-fraud/">ETH</a> is currently sitting at $1,996 at the time of this writing with small losses of 0.45% in the last 24 hours. It is performing better than <a href="https://www.newsbtc.com/news/bitcoin/crypto-600-bitcoin-price-surge/">Bitcoin</a> which has fallen 2.24% in the same timeframe to trade at $36,480.

Ethereum Still Bullish: Richest ETH Wallets Go On Massive $124 Billion Buying Spree

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