Ethereum (ETH) Whales Going Insanely Bullish: Details

Ethereum Whales Accumulate, Signaling Bullish Sentiment

Cover image via U.Today

Ethereum (ETH) whales, influential investors with substantial crypto holdings, have been actively accumulating ETH in recent days, indicating a surge in bullish sentiment amidst short-term price fluctuations.

According to crypto analyst Ali Martinez, these whales have acquired over 126,000 ETH (approximately $440 million) in the past 48 hours. "Ethereum whales have accumulated over 126,000 ETH in the last 48 hours, worth approximately $440 million," Martinez tweeted.

Ali Martinez's tweet: https://twitter.com/ali_charts/status/hwHU0fAcdc

CryptoQuant CEO Ki Young Ju suggests that whales may be positioning themselves for potential market movements. "Whales might be preparing for the next altcoin rally," Ju tweeted, noting an increase in limit buy orders for altcoins (excluding Bitcoin and Ethereum), indicating the establishment of strong buy walls.

Ethereum's recent milestones, including the launch of spot ETFs in the United States, have enhanced its appeal among large investors. The network's continued evolution attracts institutional interest.

Data from Farside Investors shows a shift to net positive fund flows into U.S.-listed spot Ethereum ETFs on July 31 for the first time since their inception. This is attributed primarily to reduced outflows from the Grayscale Ethereum Trust.

Ethereum Price Experiences Dip Amidst Market Sell-Off

Bitcoin and Ethereum, along with several other crypto assets, have faced selling pressure in Thursday's trading session.

At the time of writing, Bitcoin is trading at $64,034, a decline of 2.77% over the past day (as per CoinMarketCap). Ethereum has witnessed a 4.21% drop from its previous day's price of $3,175. Other cryptocurrencies have experienced more significant losses, with Solana's Dogwifhat falling by 12% and PEPE down by 7%.

According to CoinGlass, trailing prices have triggered the liquidation of over $225 million in derivatives contracts in the past 24 hours.