On-chain data shows Ethereum whales have recently ramped up their accumulation, a sign that could be bullish for the asset’s price.
While this range doesn’t cover the absolute top end of the market, it still includes humongous investors who may be considered a key part of the ecosystem. As such, considering this role, the movements related to these holders could be worth monitoring.
One way to watch the behavior of the whales is through the total amount of the Ethereum supply held by them. Below is the chart shared by Glassnode that shows the trend in this metric over the past few months.
As is visible in the graph, the supply of the Ethereum whales has recently shot up, a sign that big-money investors have been accumulating the cryptocurrency. “For nearly a week, daily whale accumulation has exceeded 800K ETH, pushing holdings in 1k–10k wallets to >14.3M ETH,” notes the analytics firm.
From the chart, it’s apparent that a particularly large spike occurred on June 12th. On this date, the ETH whales added more than 871,000 ETH to their holdings, the highest daily inflow for the cohort year-to-date.
The latest accumulation spree isn’t just notable in terms of the year, but rather also impressive in a historical context. “This scale of buying hasn’t been seen since 2017,” says Glassnode. Naturally, the extraordinary buying push from these investors could be a potential indication that they are confident about the future of the coin.
The spot ETFs trade on traditional exchanges, so holders not familiar with cryptocurrency wallets and exchanges can find it easier to invest into the coin through them.
“Last week saw 195.32K ETH flow into US Spot ETH ETFs – the third-largest weekly net inflow on record,” explains the analytics firm.
Ethereum set its eyes on $2,700 on Monday, but it seems the price has taken a bearish turn since then as it’s now trading around $2,470.
