Large holders are actively buying up the second$ETH cryptocurrency by market cap, despite a short-term drop in its price below $3,400 over the weekend. This is reported by on-chain analysts.
Someone is buying up ETH en masse,” Arkham Intelligence experts noted on August 3.
According to their data, an anonymous whale has acquired 79,461 ETH (~$281 million at the current rate) through over-the-counter (OTC) transactions on Galaxy Digital in three days.
Meanwhile, the number of “mega-whale” addresses (owning >10,000 ETH) has grown by more than 200 since the beginning of July, according to Glassnode. This category includes exchanges, large custodians, and ETFs
BlackRock's iShares Ethereum Trust ETF (ETHA) has raised $1.7 billion in the past 10 days. The Dune Analytics dashboard shows that Ether held in ETFs has skyrocketed by 40% over the past month.
