- In the face of the economic downturn, whales bought over 700,000. ETH in three weeks for $2.45 billion.
- These whales are investors holding between 10,000 and 100,000 ETH tokens.
- The TD Sequential indicator sent a buy signal on the daily chart.
Facing constant selling pressure 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 on X yesterday, network analyst Ali Martinez pointed out the significant activity of Ethereum whales.
Citing data from market intelligence platform Santiment, Martinez revealed that ETH whales have purchased over 700,000 tokens over the past three weeks, representing a significant $2.45 billion inflow into the Ethereum market despite the current economic downturn.
#Ethereum whales have purchased over $700,000 of ETH in the last three weeks, bringing the total to approximately $2.45 billion! pic.twitter.com/sfmXnkqD49
— Ali (@ali_charts) June 15, 2024
This latest update from Martinez follows an earlier one in which he revealed that Ethereum whales bought about 240,000 tokens worth about $840 million in a single day as the asset crashed to $3,434. It is worth noting that these whales are investors holding between 10,000 and 100,000 ETH tokens.
In the last days of May, when the ETF frenzy pushed Ethereum close to the $4,000 price level, the on-chain activity of these whales contrasted with the bullish trend.
Meanwhile, as the market retreated from this growth, stocks of these whales gradually increased. As the attached chart shows, the buying frenzy has gained particular momentum over the past few days as the value of ETH once again crossed the $3,400 mark.
At press time, ETH is trading at $3,563, representing a loss of 3.5% from last week’s value, while retaining over 18% of gains accrued over the past 30 days.
In a separate analysis, Martinez highlighted the TD Sequential technical indicator that sent a buy signal on Ethereum’s daily chart. According to Martinez, the market can expect a bounce of one to four daily candlesticks for ETH. This forecast is now partially materializing as the asset has seen an boost of 1% in the last 24 hours.
The post Ethereum Whales Raises $2.45 Billion ETH Amid Price Drop appeared first on Coin Edition.
