The second-largest currency in the world is being accumulated by "ether whales," or massive holders, and market watchers believe that its local price bottom may be approaching.
According to CryptoQuant statistics published by well-known analyst Satoshi Sniper in an Aug. 26 X post, ether whales have amassed over 200,000 Ether in the last four days, valued at over $540 million.
The whale purchases occur in spite of Ether's weak price movement, which saw the token drop more than 4% in the day before it traded at $2,627 at 12:37 p.m. UTC on August 27.
Large holders' purchasing habits are frequently used by traders to determine the attitude towards the underlying asset. Because whale transactions involve large sums of capital, they can have a big impact on the price of an asset.
Despite the spot Ether exchange-traded funds' (ETFs) slow progress in the US, cryptocurrency whales are nonetheless piling up Ether.
According to statistics from Farside Investors, the nine US spot Ether ETFs have had total net outflows of $478 million since their introduction. This amount is expected to cross the $500 million mark this week.
Most of the withdrawals were from the Grayscale Ethereum Trust ETF, which has shed $2.5 billion in Ether since the ETFs' July 23 launch.
Investors expected the introduction of the Ether ETFs to result in a large price spike. When Bitcoin (BTC) crossed the $50,000 threshold on February 15, spot ETFs made up around 75% of all new investments in the cryptocurrency.
Research analyst at Fineqia International Matteo Greco said that the cumulative trading volume of Ether ETFs indicates that traditional investors' appetite is still a ways off.
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