Ethereum whales increase holdings to record levels amid market optimism

On-chain data shows that Ethereum whales made large purchases in anticipation of a possible price increase.

Crypto whales are individuals or entities that hold large amounts of a specific digital asset. Over the past week, on-chain analysts have discovered many wallets taking advantage of price fluctuations to purchase ETH.

Ethereum whales continue to accumulate

January 5, Spot On Chain notes The featured whale “0x9314” spent $48 million to purchase 21,192 ETH at an average price of $2,265 per coin. This whale started “collecting” in January last year and has purchased nearly 80,000 ETH, mainly from decentralized exchanges (DEX) and Binance, at an average price of $1,790.

These purchases were funded by loans from DeFi protocols Aave and Liquidity, showing optimistic speculation about future price increases for ETH. In fact, the whale earned a staggering 26% cumulative return on his investment, amounting to more than $36.84 million.

Also look at the chain confirm 2 whales purchased large amounts of Bitcoin and ETH following the recent price drop. According to analysts, these entities accumulated over 1,300 ETH at a price of $2,225.

Accumulate Ethereum Whales | source: santiment

Blockchain analytics firm Santiment further confirmed that Ethereum’s largest self-hosted wallet is accumulating “rapidly.” The company claims that the top 150 of these wallets hold more than 56 million ETH, reaching ATH.

santiment Add to:

“Notably, the largest non-exchange ETH whales are accumulating rapidly, while exchange whales remain low.”

What’s next for ETH price?

The surge in whale activity has fueled speculation that ETH price may rise in the near future.

“ETH support and resistance levels flipped! All eyes are on Bitcoin spot ETF, but they don’t know that ETH will also have a spot ETF soon! The price is still undervalued,” said technical analyst CryptoBusy Write.

Price data shows that ETH has been stable above the $2,150 mark since the beginning of the year, trading around $2.24, rising slightly by 0.2% in the past 24 hours. However, the asset has also lost 1.69% in the past seven days.

ETH 4-hour price chart | Source: TradingView

Last year, ETH’s price performance was relatively low compared to other assets such as SOL. It recorded a modest growth of 90% compared to the triple-digit gains of BTC and SOL. As a result, ETH is down more than 50% from 2021’s ATH of $4,864.

Despite the poor performance, market analysts maintain positive predictions for ETH price. Asset manager VanEck predicts that the ETH price may exceed $50,000 by 2030.

You can check coin prices here.

Join Bitcoin Magazine on Telegram: https://t.me/tapchibitcoinvn

Follow on Twitter (X): https://twitter.com/tapchibtc_io

Follow Douyin: https://www.tiktok.com/@tapchibitcoin

Mingying

According to Beincrypto