Ethereum has been in a prolonged bearish phase, with its price declining and investor sentiment wavering. However, recent on-chain data suggests a potential shift, as significant accumulation patterns emerge.
Over the past few days, Ethereum has seen substantial purchases by large investors, commonly known as “whales.” These whales have acquired hundreds of millions of dollars’ worth of ETH, hinting at an anticipated price surge. Renowned crypto analyst Ali Martinez highlighted on social media platform X that, according to CryptoQuant data, Ethereum whales recently accumulated 126,000 ETH, valued at approximately $440 million, within just 48 hours.
The accumulation was primarily driven by addresses holding over 100,000 ETH each, categorizing them as ultra-whales. This elite group significantly influences market trends and investor sentiment. As of June 28, ultra-whales held around 5.1 million ETH, which surged to over 5.23 million ETH by June 30. This upward trajectory continued from an earlier holding of 5.05 million ETH on July 22.
The whales’ accumulation is likely in anticipation of a bull run driven by Spot Ethereum ETFs. These ETFs are seeing inflows that outpace outflows from Grayscale’s ETHE. Despite a 12.8% decline in ETH price since the launch of these ETFs, investor confidence remains strong, indicating a psychological resilience among Ethereum enthusiasts.
In conclusion, while Ethereum’s price has been bearish, the significant whale accumulation suggests a bullish shift may be on the horizon.
