Ether Witnesses Massive Amassing, Possible All-Time High Approaching?
In the world of cryptocurrency, Ethereum (ETH) has been making headlines recently due to a surge in institutional investments and whale activity.
Over the past month, Ethereum rallied nearly 19%, while Bitcoin slipped by 3.5%. This upward trend in ETH's price has been accompanied by significant transactions that indicate continued accumulation by whales and institutions.
Three newly created wallets received $293 million in ETH from FalconX, a sign of large-scale investment. Meanwhile, institutional treasury BitMine Immersion Tech recently acquired $65 million worth of Ether through Galaxy Digital. These transactions underscore the growing interest in Ethereum among institutional investors.
The balance between the two largest whale groups, those holding more than 10,000 ETH and those holding between 1,000 and 10,000 ETH, could decide the next market move for Ether. While mega whales (holding more than 10,000 ETH) added over 2 million ETH in net buys during August, their buying has since stopped. However, large whales (holding between 1,000 and 10,000 ETH) have reversed course from selling to accumulation, adding 400,000 ETH in the past month.
Mega whales' return to the market could drive Ether toward a new all-time high, according to crypto analyst Cas Abbe. In the last five months, Ethereum whales holding between 1,000 and 100,000 ETH have added 5.54 million coins to their holdings, an increase of 14%.
Institutions such as Fidelity, Grayscale, VanEck, and large corporate holders like BitMine have collectively purchased over $65 million in Ether, with BitMine alone acquiring 46,255 ETH worth $201 million. This reflects a strong surge in institutional Ethereum inflows and Ethereum ETFs attracting billions in inflows through strategic buying.
Two newly created wallets withdrew $151 million in ETH from Binance and deposited it into Aave, another indication of whale activity. The current trading price of Ethereum stands at $4,366.
Ethereum treasuries currently hold $15.83 billion worth of ETH, equating to 2.97% of the circulating supply. It's important to note that this article should not be taken as financial or investment advice.
For a more detailed analysis of these trends, you can refer to the Santiment chart here and the Lookonchain tweets about the FalconX transaction here and the Binance to Aave transaction here. The link to Cas Abbe's tweet about the whale groups is here.
