Ethereum

bullish

Million

Spot

<p>Ethereum has been experiencing a prolonged period of <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-battles-3350/" rel="nofollow noopener" target="_blank">bearish price action</a>. The altcoin has been relatively quiet, with its price declining, leaving many investors and traders feeling uncertain. However, a notable bullish proponent continues behind the scenes, indicating a potential shift in market dynamics.&nbsp;</p> 
<p>In the last few days, on-chain data has revealed a <a href="https://www.newsbtc.com/news/ethereum/ethereum-high-exchange-outflows-bearish/" rel="nofollow noopener" target="_blank">significant accumulation pattern</a> for ETH. This bullish catalyst has materialized in the form of whale accumulation, where large investors, commonly called “whales,” have been making substantial purchases of Ethereum. These whales have acquired hundreds of millions of dollars worth of ETH, signaling their anticipation of an imminent price surge.</p> 
<h2 id="ethereum-whales-buy-440-million-worth-of-eth">Ethereum Whales Buy $440 Million Worth Of ETH</h2> 
<p>This intriguing accumulation pattern was <a href="https://x.com/ali_charts/status/1818697130627973625" rel="nofollow" target="_blank">brought to light</a> on social media platform X by renowned crypto analyst Ali Martinez. According to the data shared by Martinez from CryptoQuant, Ethereum whales have recently made a significant move by accumulating 126,000 ETH, valued at approximately $440 million, within a remarkably short span of 48 hours.</p> 
<p>The CryptoQuant analysis chart revealed that this buying trend was primarily driven by addresses holding more than 100,000 ETH each, classifying them as ultra-whales. These ultra-whales represent the most influential and substantial investors in the Ethereum market, and their activities often have a pronounced impact on market trends and investor sentiment.</p> 
<p>Further analysis of the chart indicates a notable increase in the total balance held by this elite group of traders. On June 28, the cumulative holdings of these ultra-whales stood at around 5.1 million ETH. However, by June 30, this figure had surged to over 5.23 million ETH. This upward trajectory in holdings becomes even more pronounced when we consider the balance from an earlier point, which was 5.05 million ETH on July 22.</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-313220" src="https://bitcoinist.com/wp-content/uploads/2024/08/Ethereum-1.png?w=512&amp;resize=512%2C288" alt="Ethereum 1" width="512" height="288" data-recalc-dims="1"> 
<h2 id="why-the-accumulation">Why The Accumulation?</h2> 
<p>The accumulation can be attributed to whales positioning themselves for a well-anticipated bull run in light of Spot Ethereum ETFs. Investors are beginning to <a href="https://bitcoinist.com/blackrock-execs-ditch-solana-etf/">perceive a shift</a> in these spot ETFs, with collective inflows into other Ethereum ETFs <a href="https://bitcoinist.com/spot-ethereum-etfs-see-first-green-day-since-launch-with-34-million-inflow/">starting to outpace</a> outflows from Grayscale’s ETHE.</p> 
<p>The launch of these Spot Ethereum ETFs has yet to translate into a price rally for Ethereum. Their launch has kicked off a <a href="https://www.newsbtc.com/news/ethereum/eth-price-spot-ethereum-etfs-2/" rel="nofollow noopener" target="_blank">sell-the-news event</a>. Since launch, ETH has experienced a decline of approximately 12.8% and recently bottomed at $3,090. Despite this downturn, many analysts maintain a bullish sentiment for Ethereum. This shows that investor confidence remains strong, even if this sentiment is largely psychological.</p> 
<img loading="lazy" decoding="async" class="size-medium wp-image-313221" src="https://bitcoinist.com/wp-content/uploads/2024/08/Ethereum-2.png?w=512&amp;resize=512%2C284" alt="Ethereum 2" width="512" height="284" data-recalc-dims="1"> 
<p>At the time of writing, Ethereum is trading at $3,150. On-chain buying trend shows that many whales are preparing for an altcoin rally that’s set to be spearheaded by Ethereum. On-chain data from CryptoQuant reveals that limit buy order volumes for altcoins are increasing across various exchanges. This has caused the creation of huge buy walls, which in turn reflect preparations for an altcoin rally.</p> <a href="https://www.tradingview.com/x/PQg1q03u/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/PQg1q03u/" alt="Ethereum price trending downward on the daily chart | Source: ETHUSDT on Binance, TradingView" width="1233" height="590"></a>

Ethereum Whales Buy $440 Million In ETH In One Day, Do They Know Something You Don’t?

Table of Contents

Bitcoinist

Other articles published on Aug 2, 2024

Circle Launches EURC on Base Mainnet, Expanding Euro-Backed Stablecoin Reach

BONK Faces Critical $0.000023 Support: Will It Hold or Drop Further?

Analysts’ Dive Into Meme Coins: DOGE, Raboo and Pepe

Komparasi Meme Coin: PEPE, WIF, dan MOONHOP

Marathon Digital Shares Plunge 8% as Bitcoin Mining Forecasts Fall Short

WienerAI Presale Hits $9M with IEO in 3 Days as Analyst Tips it to Be Next 100X Meme Coin

Join our free newsletter for daily crypto updates!