$ETH
The recent dip in Ethereum's price, which saw it fall below $3,400 over the weekend, has been met with a significant counter-movement from large investors, commonly referred to as 'whales.' Despite a 10% weekly loss, a single whale's purchase of $300 million worth of Ether signals a strong underlying confidence in the asset's long-term potential. This massive acquisition, conducted through over-the-counter (OTC) transactions via Galaxy Digital, highlights a strategic accumulation phase by major players.
The address identified by Arkham Intelligence now holds an impressive 79,461 ETH, valued at approximately $282.5 million. This whale activity is not isolated; BlackRock, a global asset management giant, has also been a major buyer, with its iShares Ethereum Trust ETF recording a substantial $1.7 billion in inflows over the past 10 trading days. This institutional interest has led to a more than 40% increase in ETH held in ETF wallets over the last month.
Furthermore, the number of 'mega whales' – addresses holding 10,000 ETH or more – has grown by over 200 new entries since early July, encompassing exchanges, large custody firms, and ETFs. While August has historically shown weak performance for ETH, with double-digit declines in previous years, the current aggressive accumulation by whales and institutions suggests a potential divergence from past trends.
This influx of capital from significant holders could provide a strong foundation for Ethereum's recovery and future growth, indicating that despite short-term price fluctuations, the long-term outlook remains bullish for those with deep pockets and strategic vision.