Ethereum logs largest single-day whale buy since 2018 – Why this matters
A historic Ethereum [ETH] buying spree unfolded, with nearly 1 million ETH scooped up by whales in a single day – the largest since 2018, according to Glassnode data shared by Quinten.
By the end of June, the net positions of whale wallets holding between 1,000 and 10,000 ETH soared to 14.2 million ETH.
This significant accumulation coincided with prices trading in the range below $2,500, a zone that has historically defined cycle bottoms.
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Ethereum logs largest single-day whale buy since 2018 – Why this matters
Ethereum
Ethereum logs largest single-day whale buy since 2018 – Why this matters
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Will tightening supply be enough to push ETH toward $5,000?
Whales bought nearly 1 million ETH in one day, the largest since 2018.
Each cycle, Ethereum’s retest of the $1,550–$2,500 zone marked a macro bottom and sparked a vertical rally.
A historic Ethereum [ETH] buying spree unfolded, with nearly 1 million ETH scooped up by whales in a single day – the largest since 2018, according to Glassnode data shared by Quinten.
By the end of June, the net positions of whale wallets holding between 1,000 and 10,000 ETH soared to 14.2 million ETH.
This significant accumulation coincided with prices trading in the range below $2,500, a zone that has historically defined cycle bottoms.
Source: Quinten/X
Ethereum whales are waking up
To supplement this, the on-chain data captured one wallet that lay dormant for more than 1.2 years, eventually waking up.
The whale withdrew 1,051 ETH, about $2.58 million, from Binance to a cold wallet, as Onchain Lens denoted.
This contributed to increased trading volume of whales, who were probably hoping to see more upward price movement.
While buying pressure mounted, so did staking.