brief:
•Ethereum whales are strategically accumulating large amounts of ETH in anticipation of price increases.
•Santiment says ETH’s large self-custodial wallet holdings are approaching an all-time high of 56 million ETH.
•The price of Ethereum is currently relatively stable, with a slight drop of around 0.39% in the past 24 hours.
On-chain data shows that Ethereum whales have made large purchases in anticipation of a possible price increase.
Crypto whales are individuals or entities that hold large amounts of a particular digital asset. Over the past week, on-chain analysts have discovered several wallets that took advantage of price fluctuations to buy Ethereum.
Ethereum whales are accumulating
On January 5, Spot On Chain pointed out that the famous whale "0x9314" spent $48 million to buy 21,192 ETH at an average price of $2,265 per ETH. The whale started buying frantically in January last year and has purchased nearly 80,000 ETH at an average price of $1,790, mainly from decentralized exchanges (DEX) and Binance.
The funds for these purchases came from borrowing and lending on DeFi protocols Aave and Liquidity, indicating bullish speculation on ETH's future price surge. Meanwhile, the whale's investment has generated a handsome profit of 26%, totaling more than $36.84 million.
LookOnChain also discovered two whales that bought large amounts of Bitcoin and Ethereum following the recent price drop. According to analysts, these entities cumulatively purchased more than 1,300 ETH at a price of $2,225.
Blockchain analytics firm Santiment further confirmed that Ethereum’s largest self-custodial wallets are accumulating the top cryptocurrency “rapidly.” The firm said the top 150 of these wallets hold more than 56 million ETH, a record high.
“It is noteworthy that the largest ETH non-transacting whales are accumulating rapidly, while trading whales remain at lower levels,” Santiment added.
Where will ETH price go next?
The surge in whale activity has fueled speculation about a potential price surge for Ethereum in the foreseeable future.
“Ethereum support and resistance flipped! All eyes are on the Bitcoin spot ETF, but little do they know that ETH will also have a spot ETF soon! Prices remain undervalued,” wrote technical analyst CryptoBusy.
BeInCrypto’s pricing data shows that Ethereum has been stable above the $2,150 mark since the beginning of the year, trading at around $2,240, with a slight drop of 0.39% in the past 24 hours. However, the asset is also down 2.5% in the past 7 days.
Last year, Ethereum’s price performance was significantly lower than other assets such as Solana. It recorded a modest 90% gain compared to the triple-digit gains of BTC and SOL. As a result, ETH is down more than 50% from its 2021 all-time high of $4,864.
Despite the poor performance, market analysts remain positive about ETH price predictions. Asset manager VanEck predicts that Ethereum price could exceed $50,000 by 2030. #以太坊鲸鱼 #市场情绪
