Ethereum (ETH) Big Investors Showing Strong Bullish Sentiment: Insights
Ethereum (ETH) whales are displaying significant activity in the cryptocurrency market, indicating a strong bullish sentiment despite fluctuations in short-term prices. Noted crypto analyst Ali Martinez revealed that these prominent investors have acquired more than 126,000 ETH over the past 48 hours, totaling around $440 million.
In a social media post, Ali mentioned, “Ethereum whales have accumulated over 126,000 ETH in the last 48 hours, valued at approximately $440 million.”
CryptoQuant CEO Ki Young Ju suggested that these whales might be gearing up for the next market movement. Ju highlighted in a tweet that “whales might be preparing for the next altcoin rally.” He pointed out the increasing limit buy order volume for altcoins, excluding Bitcoin and Ethereum, signaling the establishment of robust buy walls.
Recent developments within the Ethereum ecosystem, such as the introduction of Ethereum spot ETFs in the United States, have contributed to enhancing its attractiveness among large holders, commonly referred to as crypto whales. As Ethereum celebrated its ninth anniversary, the ongoing evolution of the ETH network is expected to draw more institutional interest.
Data from Farside Investors indicated a shift in fund flows towards U.S.-listed spot Ethereum exchange-traded funds, registering a daily net positive for the first time since their inception on July 31. This shift was primarily driven by a decrease in outflows from the Grayscale Ethereum Trust.
Despite these positive indicators, Ethereum’s price has experienced a decline amid a broader market sell-off affecting Bitcoin and other cryptocurrencies. At the time of reporting, Bitcoin was valued at $64,034, reflecting a 2.77% decrease from the previous day. Similarly, Ethereum’s price dropped by 4.21% from $3,175 within a 24-hour period. Other cryptocurrencies like Solana’s Dogwifhat and PEPE also recorded notable losses, with declines of 12% and 7%, respectively, in the same timeframe.
The market downturn has led to the liquidation of $225 million in derivatives contracts over the past day, according to CoinGlass data.
In conclusion, while Ethereum whales continue to demonstrate bullish behavior in the market, the broader cryptocurrency landscape is experiencing a temporary downturn, impacting major assets like Bitcoin and Ethereum.
