Ethereum Whales Acquire a Staggering $1 Billion in ETH Holdings

In the last month alone, Ethereum ($ETH) whales have amassed nearly $1 billion worth of the second-largest cryptocurrency, outpacing the performance of BTC. Cryptocurrency analyst Ali Martinez’s data reveals that Ethereum whales added over 410,000 ETH tokens to their holdings in December, showcasing a consistent upward trend.

In the past month, #Ethereum whales bought over 410,000 $ETH, worth nearly $1 billion! pic.twitter.com/1gGguoEypx

— Ali (@ali_charts) January 6, 2024

As of the current moment, Ethereum is trading at $2,367, experiencing a slight dip of over 2.4% in the past week. Despite this, Ethereum has witnessed a commendable 78.5% surge over the last 12 months amid the broader cryptocurrency market recovery, while BTC recorded a 170% increase during the same period.

According to AZC News, cryptocurrency investment products attracted approximately $2.2 billion in inflows over the past year, with the majority originating from Bitcoin-focused products, accounting for $1.93 billion contributed by institutional investors.

In the realm of altcoins, the favored choice among these investors was the smart contract platform Solana ($SOL), experiencing inflows of $167 million throughout the year. Solana demonstrated an impressive 650% surge, rebounding from the FTX collapse. Notably, Solana’s inflows surpassed those of investment products centered around the second-largest digital asset, Ethereum.

Despite this trend, there are optimistic sentiments regarding Ethereum. Analyst Lark Davis recently expressed confidence, stating that ETH is “going to $10,000, when not if!”

Another prominent crypto analyst, Michaël van de Poppe, shared insights on social media, suggesting that Bitcoin might reach its peak around ETF approval, entering a range-bound phase. He believes this scenario indicates strength for the broader market, including Ethereum, which he anticipates could surge beyond $3,000.

(100 votes)