Despite recent price declines, major market players have continued to accumulate ETH aggressively. Observations of whale activity on Binance indicate that optimism remains, potentially leading to a new price record.
Whale Accumulation of ETH on Binance
Large market participants, known as whales, began actively accumulating Ethereum following a confirmed price trend reversal since July. Their activity surged amidst ETH prices reaching $4,880 on August 23, before correcting down to $4,595.
Surge in Derivative Volumes and Buying Pressure
Trading volumes for ETH surged significantly amid growing interest in derivatives, reaching $202 billion over the last 24 hours. Among other metrics, options volume surged to $2.81 billion. Analysts note that the ascending triangle forming on the 4-hour ETH chart may signal prospective price increases.
Institutional Investments and Ethereum Supply Constraints
In addition to Binance whales, demand is also coming from institutional investors who enhance their ETH accumulation through ETF products. Currently, over 6.069 million ETH are locked in various ETFs in the US, further limiting overall market supply.
In light of active accumulation from both whales and institutional holders, Ethereum continues to show potential for growth. The market remains optimistic about breaking the historical high, provided that buying interest does not weaken.
