Analysis of Ethereum's activity reveals that large holders continue to accumulate ETH despite recent price declines. This may signal future market changes.
Whales Increase ETH Holdings
According to Glassnode data, Ethereum wallets holding between 1,000 and 10,000 ETH have added over 800,000 ETH per day recently. Their aggregated holdings now exceed 14.3 million ETH. The largest single-day purchase occurred on June 12, with 871,000 ETH acquired, marking the highest since 2017.
CITE_NA: "Ethereum whales are buying aggressively: Over 800K ETH net daily for a week, pushing holdings in key wallets (1k-10k ETH) over 14.3M."
Prices Drop as Trading Volume Surges
At the time of writing, Ethereum is trading at $2,526.96 after a 4.85% decrease over the last 24 hours. Earlier, ETH reached a high of $2,657 before facing significant selling pressure. Nevertheless, the 24-hour trading volume surged by 28.88%, reaching $29.43 billion, indicating high market engagement.
Ethereum's current market cap stands at $305.05 billion. Despite the price drop, market sentiment appears mixed, with cautious responses amid aggressive whale accumulation.
Future Expectations for Ethereum
Ethereum's next move shows a stark contrast between whale behavior and short-term price actions. Traders are closely monitoring whether this accumulation phase will lead to a breakout or remain a sign of long-term positioning. Regardless, whale activity has become a key metric for those tracking Ethereum's future trends.
In conclusion, the activity of Ethereum whales and increasing trading volumes amidst price drops may indicate significant market changes. A careful analysis of these trends will help market participants better understand potential future movements of Ethereum.
