Ethereum whales bought $94 million worth of ETH in the past seven days. An accumulation that comes against a backdrop of changing dynamics among institutional investors. Proof of their unwavering confidence in Vitalik Buterin’s crypto?
Ethereum strongly supported by investors
Ethereum news varies from day to day. Between the transfer of ETH to Coinbase and the sale of $41 million worth of tokens by a whale earlier this month, the analyzes are going well. But, a new activity calls everything into question. And maybe for a good cause.
Indeed, data from Lookonchain shows that four major Ethereum holders have collectively purchased 56.1000 ETH. The total amount of this operation is estimated at 94 million dollars. According to analyst Ali Charts, this whale behavior had been predictable since February. Indeed, around 112 large holders with more than 10,000 ETH have adjusted their wallets.
These measures consisted of either selling or redistributing Ethereum assets. These were actually strategic maneuvers in anticipation of market conditions. On CoinGecko, the price of ETH currently stands at $1,671, with a market capitalization of $201 billion.
However, everything is not yet clear for Ether, especially for investors in the United States. In fact, Bitstamp, a UK-based crypto exchange, said yesterday that it will be ending its Ethereum staking service for US customers next month.
ETH’s resilience in the face of the crisis
Despite the crypto market rout last week, Ethereum (ETH) is showing signs of growing resilience. Moreover, the introduction of the Shanghai-Capella fork in April only increased the demand for ETH.
Yet investors feared the opposite effect on prices. Instead, the total value at stake for the asset has continued to rise, reflecting fundamental demand. This figure increased by 5.7% month-over-month, from 26.3 million to 27.8 million ETH.
Nevertheless, the future of Ethereum in the United States still remains uncertain. Despite this, experts agree that hoarding by whales is a positive sign. Their recent purchases and portfolio adjustments prove that institutional investors are optimistic about the future of ETH.
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