According to crypto analyst Ali Martinez, Ethereum whales are slowly but surely accumulating ETH again. Along the same lines, the Whale Alert platform reported two large Ethereum transfers made from Bitfinex to anonymous crypto wallet addresses. During this period, several whales took advantage of the price rise by selling their coins for profit. Details below!
Crypto Trend #1: Accumulating Ethereum Whales
Ethereum whales refer to crypto investors holding 10,000 ETH or more. According to several statistics, they began to accumulate ETH in the last two months. Certainly, this accumulation seems subtle. Nevertheless, it remains significant.
According to the data from Glassnode, the number of Ethereum addresses holding 10,000 ETH or more has increased by 13% in the last two months. This is the largest increase since March 2022.
Crypto analysts generally view the whale accumulation as a positive sign for the Ethereum market. This suggests that long-term institutional and retail investors are convinced of Ethereum’s long-term potential.
The rule is simple: when Ethereum whales accumulate, they increase the demand for ETH. This implies a rise in the price of crypto.
Whale accumulation could also be a strategy to accumulate cheap ETH ahead of an imminent price rise.
Crypto Trend #2: Speculative ETH Sales
As whales accumulate ETH, some crypto investors prefer to sell ETH for speculative purposes. The proof : three large ETH transfers were made to crypto wallet addresses belonging to the Bitfinex and Coinbase exchanges.
There are several possible reasons why institutional investors are selling Ethereum cryptos. The most likely reason is that these ETH were sold on these exchanges to make a profit. Institutional investors might have purchased ETH when the price was low. They could now sell it for make added value.
Regardless of the crypto forecast, investors have every interest in closely following the evolution of Ethereum.
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