According to the on-chain expert, the development is a strong sign that momentum is presently in favor of the bulls. Should the indicator persist within a positive zone, it could spark optimism toward Ethereum, potentially setting the stage for its next upward move.
During this period, these big holders have accumulated more than 450,000 ETH. Such a substantial accumulation from this cohort is a sign of high-net-worth investors’ strong conviction and interest in the asset’s long-term prospects.
Data shows that investors have been withdrawing their coins from exchanges in the past 1 month, signaling a reduction in selling pressure and a strategic move by investors. If the trend continues, it might serve as a precursor for another upside move in price as confidence in the altcoin grows.
