Ethereum’s supply on exchanges has increased over the past few days, with over 260,000 ETH, equivalent to over $781 million, leaving exchanges in a week, which comes at a time of bullish price action. The coin has gained over 6% over the past week, stabilizing above the $3,000 mark.
However, Ethereum is down 4.73% in the past 24 hours of trading, reversing its bullish momentum following Bitcoin’s halving, and is trading at $3,125 at the time of writing.
The plunge did not affect the market behavior of whale investors, as the latter still seem to be optimistic about the prospects of Ethereum.
Whales buy ETH on dips
According to on-chain tracking data, whales have accumulated a large amount of ETH in the past 24 hours.
“Sun Ge” is still accumulating ETH. According to on-chain data, a wallet that may belong to Sun has withdrawn 15,389 ETH from Binance again, worth $49.78 million;
Meanwhile, a specific wallet with the address 0xe0b snapped up 1,524 stETH at an average price of $3,159;
Another whale accumulated 7,128 ETH at $3,111, worth $22 million at current prices (this investor now holds $482 million worth of ETH).
As of now, these holders are in a state of unrealized losses.
Ethereum whales have seen an increase in transaction activity over the past 2-3 days, as evidenced by a jump in large transfers of over $100,000. Additionally, the percentage of total supply held by top addresses rose from 41.37% on the day of the halving to 41.45% on April 24, indicating that whales are accumulating.
In the derivatives market, most whales hold bullish positions. According to data, about 63% of whale positions on Binance are long ETH.
Market sentiment is tilted towards greed, suggesting that buying pressure is likely to increase in the coming days.
Previous selections:
《Solana ecosystem built by DeFi!》
《RWA Project under BlackRock and Coinbase Investment Institutions (Potential and Opportunities)!》
"Runes is coming, how to plan?"
《Small capital, big returns, one fish, eight meals, airdrop strategy guide (Part 1)!》
Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
Join the Kepler community to get the latest market information and market strategies:
