- Whales bought more than 700,000 ETH in three weeks with $2.45 billion amid the recession.
- These whales are investors who own between 10,000 and 100,000 ETH tokens.
- The TD Sequential indicator issued a buy signal on the daily chart.
Amid continued selling pressures in the Ethereum market, prominent investors are taking the opportunity to accumulate ETH in anticipation of the next phase of the bull market. In a post yesterday on X, on-chain analyst Ali Martínez drew attention to the significant activity of Ethereum whales.
Citing data from market intelligence platform Santiment, Martínez revealed that ETH whales have purchased over 700,000 tokens in the last three weeks, representing a substantial $2.45 billion inflow into the Ethereum market despite the downturn. current.
#Ethereum whales have purchased over 700,000 $ETH in the last three weeks, for a total of approximately $2.45 billion! pic.twitter.com/sfmXnkqD49
– Ali (@ali_charts) June 15, 2024
This latest update from Martinez follows a previous one in which he revealed that Ethereum whales bought around 240,000 tokens worth about $840 million in one day during the asset's drop to $3,434. In particular, these whales are investors who own between 10,000 and 100,000 ETH tokens.
During the last few days of May, when the ETF frenzy pushed Ethereum close to the $4,000 price level, the on-chain activities of these whales contrasted with the bullish trend.
Meanwhile, as the market retreated from this surge, these whales' holdings gradually increased. As the accompanying chart shows, the buying frenzy gained particular momentum in recent days as ETH value retested the $3,400 threshold.
At press time, ETH is trading at $3,563, representing a 3.5% loss from its value last week, but maintaining more than 18% of the gains accumulated over the last 30 days.
In a separate analysis, Martínez highlighted the TD Sequential technical indicator, which issued a buy signal on Ethereum's daily chart. According to Martínez, the market can expect a bounce of one to four daily candles for ETH. This projection is now partially materializing as the asset posted a 1% gain in the last 24 hours.
The post Ethereum Whales Hoard $2.45 Billion ETH as Prices Fall appeared first on Coin Edition.
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