In the past month, over 1 million Ethereum has been accumulated, drawing the attention of analysts and investors amid rising cryptocurrency prices.
Massive Buying and Price Surge
In the past month, unknown large players and institutional investors have accumulated 1.035 million Ethereum worth $4.17 billion. The price surged from $2,600 to $4,170, marking a 45% gain since July 10 and a 19.6% gain in the last seven days.
Trading Volumes and Strategies
According to analysts, significant accumulation occurred through exchanges and institutional trading platforms, with an average purchase price around $3,546 per ETH. Most accumulated wallets likely belong to institutions or U.S. public companies building Ethereum reserves.
Analysts' Recommendations
Analyst Michaël van de Poppe cautioned against buying ETH at current levels, describing the move as 'wild' and noting that prices have 'swept the highs.' He recommended allocating funds within the Ethereum ecosystem instead of making direct purchases of ETH. 'It's a bit too risky to be buying $ETH at these highs,' he commented.
The $4.17 billion accumulation period highlights active participation from institutional investors in the cryptocurrency space, raising questions about potential market overheating and future investment strategies.
