Ethereum

when

Billion

Ethereum whales have been on a massive buying spree lately. In just three weeks, they scooped up over 700,000 ETH worth a whopping $2.45 billion according to On-chain analyst Ali Martinez 
This accumulation happened during a period of wild swings in crypto prices that triggered over $215 million in forced trader liquidations, with $50.61 million coming from bets on Ether. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Ethereum</a> whales have bought over 700,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> in the past three weeks, totaling approximately $2.45 billion! <a href="https://t.co/sfmXnkqD49" target="_blank">pic.twitter.com/sfmXnkqD49</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1802110427825897808?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 15, 2024</a>
 </blockquote> 
 </div>
</figure> 
The whales’ huge Ether purchases coincided with a volatile stretch for Ethereum, the second-largest crypto. ETH prices plummeted to $3,368 on June 14th before recovering to around $3,500 in the following days. The price movements crushed traders on both the buying and selling sides by automatically closing out their positions when they ran low on funds to back their bets. 
Though Ether is still up 2.31% over the last day to $3,565 at press time, it had suffered a 2.96% weekly decline prior. Derivative markets had been bracing for further falls before last Friday’s options expiration based on bearish trading data. 
While the market turmoil caught many off-guard, blockchain metrics suggest things may be steadying. A key indicator tracking investor profits being cashed out spiked before flattening, which analysts see as a potential sign of selling pressure letting up between $3,400 and $3,600.&nbsp;&nbsp; 
Adding to the long-term bullish outlook, a <a href="https://www.cryptotimes.io/2024/06/15/bloomberg-analyst-updates-spot-ethereum-etf-launch-date/" target="_blank" rel="noreferrer noopener">spot ETF for Ethereum</a> could launch on July 2nd, according to Eric Balchunas.

Ethereum Whales on $2.45 Billion Buying Spree Amid Market Volatility

The Crypto Times

Other articles published on Jun 16, 2024

Oklahoma Governor Signs Bill Exempting Bitcoin Mining from Sales Tax

BlockDAG Unveils Dev Release 53: Mempool Optimizations Propel Network Efficiency as Presale Hits ...

MoonBag Makes $2 million – Will the Best Crypto Presale in June 2024 Push Bitbot and VeChain to T...

Ripple Plans to Launch Own Stable Coin; While Kaspa Tails the Path, Angry Pepe Fork Dominates the...

Crypto Analyst Ali Martinez Bullish on Toncoin (TON): Predicts 46% Rally

Polygon: Why it’s not the right time to buy MATIC

Join our free newsletter for daily crypto updates!