Despite the recent downturn in the Ethereum market, the whales continue to exhibit a bullish stance on the cryptocurrency. On-chain activity observed by Spot On Chain, a blockchain data analytics platform, reveals substantial transactions that signal confidence in Ethereum’s recovery and resilience.
A prominent investor added 1,524 ETH to their holdings, an acquisition valued at approximately $4.19 million. This move increased their total Ethereum count to 2,991, at a cumulative worth nearing $9.47 million. Impressively, this portfolio has seen an estimated profit surge of $361K, a robust 3.42% uptick.
Meanwhile, another heavyweight player in the Ethereum market withdrew a hefty 7,128 ETH from Binance, the globally recognized exchange platform. This sum, translating to $22.2 million, was extracted when Ethereum hit what appeared to be a temporary low at $3,111.
Despite this withdrawal, their Ethereum reserve amounts to a striking 154,570 ETH, valued at $482 million. This whale is now experiencing a slight loss of 1.9% after the market’s slump, which saw Ethereum prices retract by 5.12%.
Additionally, a fresh investor entered the Ethereum sphere, drawing 1,800 ETH from Binance, marked at $5.71 million. This purchase was made as Ethereum’s price dipped by 3.59%. This newcomer’s strategy suggests a potential belief in the market’s imminent recovery, positioning themselves amid the fluctuation.
The resilience of these investors could be a telling sign of Ethereum’s potential to rally. Their continued accumulation during a downturn may suggest an anticipated upward trend on the horizon. This strategy also secures larger quantities of digital currency at lower prices.
As of press time, Ethereum is exchanging hands at $3,085, down by 5% in the past 24 hours as the broad market exhibits a bearish trend. Amid the recent downturn, ETH remains positive on the weekly chart, recording an increase of 3%. The market capitalization is at $377 billion, while the trading volume sees an impressive surge of 35% with a value of $15 billion.
