Ethereum reached a new record high on August 24, surpassing $4,950. Despite a minor pullback over the following weekend, ETH remains strong, especially compared to Bitcoin.
Whale Activity in the Ethereum Market
There is a clear accumulation trend by Binance whales, who have significantly increased their positions in Ethereum since July. Data from CryptoQuant shows that large players have been actively placing spot and futures orders on Binance as ETH approaches the $5,000 level. Whales prefer to confirm a trend before entering positions, and their buying activity has noticeably increased following Ethereum's latest upward movement.
Ethereum Outperforms Bitcoin in Institutional Investments
Ethereum is demonstrating stronger growth compared to Bitcoin, as evidenced by the differences in institutional activity. Bitcoin's CME Open Interest (OI) does not match its price levels, indicating weak institutional confidence. In contrast, Ethereum's recent surge is supported by rising OI on the CME, signaling fresh liquidity inflows.
Future Prospects for Ethereum
Investors suggest that after reaching the $5,000 mark, a consolidation phase may follow before Ethereum's next significant rally. There are expectations that Ethereum could exceed $10,000 within the current market cycle, with retail investor activity currently being absent.
The Ethereum market displays optimistic rising trends due to whale activity and institutional investments, which may lead to further price increases.
