There’s a Big Whale Invasion on Ethereum: They’ve Accumulated Billions of Dollars Worth of $ETH .
Onchain data showed a massive influx of whales, which could explain the rally in Ethereum (ETH). Here are the details.
According to on-chain data, since July 10, unknown whales or institutions have accumulated 1.03 million Ethereum (approximately $4.16 billion) through exchanges and institutional platforms.
During the same period, the price of ETH rose by 45%, from $2,600 to $4,000. It is estimated that the majority of the ETH collected belongs to US-listed companies or institutional investors who hold Ethereum reserves.
The average cost of these purchases was calculated at approximately $3,546.
These figures do not include the well-known Sharplink Gaming address. Sharplink Gaming is known for its recent large ETH accumulation under the leadership of Ethereum co-founder Joe Lubin. The company currently holds $2 billion worth of ETH.
SharpLink began building its ETH treasury just two months ago and has rapidly grown its position, selling more than $540 million worth of shares at market price (ATM). All of SharpLink's ETH is currently staked, and it has generated more than $3.4 million in rewards since June.
