According to on-chain analysts, Ethereum whales bought heavily after the price of Ether dropped over the weekend, and the price began to rebound.
Blockchain analysis firm Arkham Intelligence reported that one address accumulated $300 million worth of Ether (ETH) through over-the-counter trading at Galaxy Digital.
The whale address currently holds 79,461 ETH, worth approximately $282.5 million.
U.S. investment giant BlackRock is also increasing its ETH holdings, with its iShares Ethereum Trust ETF seeing inflows of $1.7 billion over the past 10 trading days.
Data from Dune Analytics shows that the on-chain holdings of Ethereum ETFs surged over 40% in the past month.
ETH super whales continue to accumulate.
According to Glassnode, the number of Ethereum 'super whale' addresses holding over 10,000 ETH has also increased in the past 30 days.
These whale addresses include exchanges, large custodians, and exchange-traded products that have been actively accumulating ETH recently.
Ether has recovered.
The price of Ether fell below $3,400 over the weekend but has since rebounded to $3,560 on Monday.
Monika Mlodzianowska, Strategic Cooperation Director at CoinW Exchange, stated, 'Although the cooling trend in the labor market has caused panic among investors, the increased likelihood of easing monetary policy could soon reverse the sell-off and provide bullish momentum for cryptocurrencies.'
Bearish on Ethereum in August.
Like Bitcoin, August has seen bear markets in 8 of the past 12 years, and Ethereum has also faced losses in August over the past three years.
Over the weekend, U.S. President Donald Trump's son, Eric Trump, called on fans on social media to seize the opportunity to buy ETH.
Meanwhile, CNBC described Ethereum as the 'invisible pillar of Wall Street' in an article on Saturday.
