Some analysts say Ether (ETH)$ETH
While we predict that the price could break a record by the end of the year, the enthusiastic purchases of whales are drawing attention.
While Bitcoin (BTC) has risen above the $106,000 level, Ether (ETH), the leader of the altcoin market, has also become the focus of investors. Analysts predict that ETH could surpass its all-time high of $4,878.
ETH, which reached $4,100 in recent days, has retreated to $4,000 due to increasing selling pressure. Although it remains below expected levels, it seems that ETH continues to attract interest from institutional investors. According to SoSoValue data, there has been a net inflow of $51.13 million into spot ETH ETFs in recent days.
The positive outlook on ETH enabled whales to accumulate quietly.
According to on-chain data platform Santiment, 104 whale wallets control 57% of the entire Ether (ETH) supply. Some of these wallets are believed to be owned by venture capital firms or large investment firms.
Santiment stated that an average of 130 thousand new Ethereum addresses were created this month. The accumulation of whales and the increase in new wallets are interpreted as a bullish signal. Santiment stated that the total amount of ETH held by whales has reached $333 billion.
“Given that a large portion of Ethereum market cap is in DeFi and staking wallets, accumulation of a coin by large whales is generally considered a long-term bullish signal,” Santiment said in a statement.
According to the data, wallets holding between 10,000 and 100,000 ETH hold 33.46% of the total supply. Wallets holding less than 100 ETH account for 9.19% of the total supply. The accumulation trend of whale wallets of all sizes is an important indicator, despite the ETH price not being able to break its all-time high.
The on-chain data platform also noted that the amount of ETH held by whales has reached an all-time high at current levels.
Analysts predict that ETH could break a new record by the end of 2024 or in the first quarter of 2025.