Ethereum (ETH) experienced a sharp correction amidst escalating tensions between Israel and Iran, leading to a drop in its price. Although it recovered to over $3,000 at press time, the cryptocurrency has been largely in the red over the past week, losing more than 12% of its valuation.
The decline in ETH's profitability resulted in a decrease in the number of ETH holders in profit, as observed through Glassnode's data. Amidst this scenario, the actions of a particular whale investor stood out in the market.
Source: Glassnode
Despite being in unrealized loss, a "giant" whale has been accumulating ETH aggressively, acquiring 41,358 ETH over the past five days, valued at approximately $128 million. With a total holding of 117,268 ETH, the whale's accumulation strategy indicates a high risk tolerance.
This accumulation pattern extends beyond the single whale, as evidenced by a steady rise in ETH supply held by addresses not associated with exchanges. These HODLing tendencies suggest confidence in ETH's long-term price prospects, anticipating a rebound in its value.
Source: Santiment
Currently, Ethereum's market sentiment is neutral, according to the Ethereum Fear and Greed Index, indicating a balanced outlook without a strong bias towards buying or selling.
Bitcoin's upcoming halving event is anticipated to impact the broader market, including ETH. Historically, following Bitcoin's halving in 2020, both BTC and ETH experienced upward trajectories, reaching new highs the following year. This historical precedent suggests potential positive momentum for Ethereum in the future.
Ethereum faces challenges with declining activity, but whale investors offer potential support. Despite price recovery, concerns arise over market manipulation and volatility.
EdmundEthereum whales remain confident, accumulating ETH during market dip. Bullish resurgence follows, fueled by Hong Kong ETF approval. Analyst predicts $20k Ethereum, emphasizing whales' belief in ETH's long-term potential.
Huang BoWhales accumulate Ethereum amid price decline, with significant purchases and sales observed. Whale activity contributes to Ethereum's price volatility, with fluctuations following large transactions. Despite recent declines, Ethereum shows signs of recovery amidst ongoing market dynamics.
EdmundWhile the market faces challenges, the proactive strategies of whales and the ongoing Ethereum developments shape the narrative of the crypto landscape.
BerniceStrategic whale seizes Ethereum's 10% dip, acquiring 3,600 ETH ($8.9M). The whale, with a history of tactical accumulation, holds 31,700 ETH ($78M) with substantial profits. Ethereum staking at an all-time high despite setbacks, and upcoming network upgrades signal resilience amid market fluctuations.
EdmundEthereum's ImmutableX (IMX) surges 20% as a crypto whale withdraws $9.6 million from Binance. SATS (Ordinals) sees a 120% boost post-Binance listing. HashKey-related wallet deposits $38.1 million in Ethereum on Binance, incurring a $2 million loss.
Huang BoEthereum-based altcoin Tellor has taken the spotlight with a remarkable surge, soaring over 1,000% in just three months and reaching an impressive $131.
JasperWith the current prices, the total value of these holdings stands at $116 million. What's even more remarkable is that the ether was initially purchased for a mere 31 cents per token during the ICO.
Coinlive Ethereum whales have been known to go on large Shiba Inu buying sprees in the past.
BitcoinistThe high amount of ETH transfers just a month prior to the Merge generated community curiosity, with some claiming it to be a dump while others believe it could be done for staking.
Cointelegraph