Whales Accumulate Over $1 Billion as ETH Falls: Signs of "BUY THE DIP"?
Ethereum price plummeted nearly 15% after the SEC approved the 19b-4 filings of eight Spot ETH ETF issuers on May 23. However, the downward momentum somewhat slowed down on June 14 thanks to this series of moves by the Whales.
According to Crypto Quant, the amount of ETH purchases by permanent holders (wallets that only buy without selling) reached 298,000 ETH (more than 1 billion USD) on June 12. This is the second highest number in history, only behind the record of 317,000 ETH in November 2023.
The fact that long-term investors increased their accumulation of ETH when the price plummeted shows their confidence in ETH's future growth potential.
Recently, SEC Chairman Gary Gensler shared that the SEC will likely approve the S-1 application of Spot ETH ETF funds in about 3 months. If the S-1 filing is approved, Spot ETH ETFs will be officially traded on the US stock exchange.
If the "buy the rumors, sell the news" approach is applied, the current time may be a suitable buying point for ETH before the SEC approves the S-1 filing.
