Ethereum Whales Accumulate $2.45 Billion in ETH Amid Market Downturn
Major Accumulation by Ethereum Whales
Amid ongoing selling pressures in the Ethereum market, prominent investors are seizing the opportunity to accumulate ETH in anticipation of the next bull market phase. In a post on X yesterday, on-chain analyst Ali Martinez called attention to the significant activity of Ethereum whales.
Whale Activity in the Ethereum Market
Citing data from the market intelligence platform Santiment, Martinez revealed that ETH whales have purchased over 700,000 tokens in the last three weeks, amounting to a substantial $2.45 billion influx into the Ethereum market despite the current downturn. These whales are investors holding between 10,000 and 100,000 ETH tokens.
"#Ethereum whales have bought over 700,000 $ETH in the past three weeks, totaling approximately $2.45 billion!" tweeted Ali Martinez.
Previous Significant Purchases
This latest update from Martinez follows an earlier one in which he disclosed that Ethereum whales bought about 240,000 tokens worth approximately $840 million in one day during the asset crash to $3,434. This indicates a continued pattern of accumulation by large investors even during market dips.
On-Chain Activities and Market Trends
During the final days of May, when the ETF frenzy pushed Ethereum close to the $4,000 price level, these whales’ on-chain activities contrasted with the bullish trend. As the market pulled back from this surge, the holdings of these whales gradually increased. The buying frenzy gained particular momentum in the last few days as the value of ETH retested the $3,400 threshold.
Current ETH Market Performance
At press time, ETH is trading at $3,563, marking a 3.5% loss from its value last week, yet maintaining over 18% of the gains accrued in the past 30 days. Despite the recent downturn, the significant whale accumulation suggests confidence in the asset's long-term potential.
Technical Analysis and Future Projections
In a separate analysis, Martinez highlighted the TD Sequential technical indicator, which issued a buy signal on the Ethereum daily chart. According to Martinez, the market can expect a rebound of one to four daily candlesticks for ETH. This projection is now partly materializing as the asset has posted a 1% gain in the last 24 hours.
As technical indicators suggest potential rebounds, the market will closely watch these significant investments and their impact on ETH's price trajectory.
