Ether whales continued to buy the cryptocurrency en masse, according to on-chain analysts, as ETH recovers from a weekend drop.
"Someone is buying a ton of ETH," said blockchain analysis firm Arkham Intelligence on Sunday, with one address accumulating $300 million in Ether from over-the-counter (OTC) trades at Galaxy Digital.
The whale address currently holds 79,461 ETH, with an approximate value of $282.5 million.
BlackRock has also been loading up on ETH, with the firm's iShares Ethereum Trust ETF seeing $1.7 billion in inflows over the last 10 consecutive business days.
Ether holdings on-chain in exchange-traded funds have surged over the past month, increasing by more than 40% in the last 30 days, according to Dune Analytics.
The number of "mega whale" Ether addresses has also increased in the past 30 days, according to Glassnode.
The mega whale cohort is defined by addresses that hold more than 10,000 ETH, with over 200 added since early July.
These whale address accounts include those held by exchanges, large custodians, and exchange-traded products, which have been aggressively accumulating.