Ethereum whales add over 800K ETH weekly, boosting supply to 14.3M ETH as prices climb, signaling long-term bullish sentiment.
BlackRock’s $15M ETH ETF investment via Coinbase highlights growing institutional interest in Ethereum’s smart contract utility.
Ethereum faces $2,532.64 volatility amid market-wide tension, but whale and institutional activity point to sustained growth prospects.
Ethereum whales are aggressively accumulating, with BlackRock’s recent $15 million purchase underscoring a bullish shift in large-wallet strategies. This move aligns with a broader trend of Ethereum accumulation, as whale wallets holding 1,000–10,000 ETH have added over 800,000 ETH daily.
BlackRock’s Strategic Ethereum Play
BlackRock’s transfer of 6,053 ETH, valued at $15.46 million, to its ETHA Ethereum ETF reflects calculated confidence, according to a post by Merlijn The Trader. This transaction, executed via Coinbase Prime, highlights institutional interest in Ethereum amid volatile market conditions.
https://twitter.com/MerlijnTrader/status/1935231004647539158
The firm’s custody strategy emphasizes secure hot wallet transfers to bolster ETF liquidity. Such shifts are prompting firms to recalibrate strategies, as BlackRock’s move follows four Bitcoin transfers totaling $88.26 million to its iBIT Bitcoin ETF. Ethereum’s appeal lies in its smart contract utility and growing DeFi adoption, which institutions are increasingly eyeing. This transfer signals BlackRock’s intent to diversify its crypto portfolio while capitalizing on Ethereum’s bullish momentum.
Whale Accumulation Grows
Ethereum whale accumulation sped up, with 1,000–10,000 ETH wallets accumulating over 800,000 ETH weekly by mid-June, based on analysis by CryptosRus. Accumulation drove whale-hoarded supply from 13.1 million to 14.3 million ETH, near first-half highs. The rush came alongside Ethereum's price climbing above $3,800, as market confidence revived.
The figures indicate a flip from heavy selling in April, when the positions of whales fell by 150,000 ETH per week, to heavy buying in late May. The reversal is being viewed as whales stocking up for long-term appreciation of Ethereum, possibly driven by network upgrades like sharding. Investors are waiting to see if the whale-driven rally continues in the face of Middle East tensions, the Iran-Israel war.
Market Volatility and Ethereum's Response
The Ethereum price has been fluctuating, reaching a record low of $2,532.64 down by 1.77% within the last 24 hours, according to CoinMarketCap. The $305.74 billion market cap and $23.31 billion trading volume reflect Ethereum's resilience against bear pressure. Red daily chart candlesticks reflect short-term caution among investors.
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