As a seasoned crypto investor with a keen eye for market trends and a deep understanding of the Ethereum ecosystem, I find the recent accumulation trend among large Ethereum holders, or whales, to be a promising development. The pause in ETF-related excitement may have temporarily dampened Ethereum’s momentum, but this shift towards accumulation suggests that whales are confident in its long-term potential.
As a crypto investor, I’ve noticed that Ethereum‘s price action has seemed to lose some steam lately. The primary reason for this appears to be the absence of significant excitement surrounding the long-awaited Ethereum ETF decisions.
In spite of Ethereum’s price staying beneath the $4,000 mark, there is a notable increase in the stockpiling tendency among major investors or “whales.”
Massive Increase in Ethereum Whales
Based on the most recent Glassnode figures, as reported by well-known crypto analyst Ali Martinez, there has been a significant increase in the number of Ethereum wallets containing 10,000 or more ETH. This trend indicates that whales have transitioned from disposing or selling to amassing, implying their strong conviction in Ethereum’s long-term value and their intention to expand their holdings in preparation for potential profits.
As a crypto investor, I’ve observed an intriguing development in the Ethereum network. The number of wallets containing 10,000 or more Ethereum tokens (ETH) has surged significantly. This trend suggests that Ethereum holders are increasingly accumulating rather than distributing their ETH.
Over the last 14 months, Ethereum wallets containing a minimum of 10,000 ETH have amassed a total of 21.39 million Ether. This represents a 27% growth in their holdings. This accumulation serves as a promising sign, aligning with the upward trend in Ethereum’s market price.
As an analyst, I’ve noticed an intriguing development in the cryptocurrency market over the past month. Specifically, Ethereum (ETH) has surpassed Bitcoin (BTC) in terms of price performance following the US Securities and Exchange Commission’s (SEC) announcement and subsequent approval of the first spot Ethereum Exchange-Traded Funds (ETFs). Consequently, it comes as no surprise that large investors, or “whales,” have been amassing ETH in their portfolios.
Examining transactions of over $100,000 and $1 million in Ethereum daily, the cryptocurrency analysis tool identified peak activity from large investors, or “whales,” following the approval of Ethereum-backed Spot Exchange Traded Funds (ETFs) last week.
If the number of wallets containing 10,000 or more Ethereum continues to grow instead of shrinking during market fluctuations, then the prices of these assets may surpass Bitcoin’s performance.
Singapore’s DBS Bank Flagged as ETH Whale
It’s intriguing that blockchain research firm Nansen has revealed DBS Bank, one of Singapore’s leading financial institutions, as a significant Ethereum (ETH) investor. Based on Nansen’s findings, a cryptocurrency wallet linked to DBS Bank reportedly holds 173,753 ETH, which translates to around $650 million at the present market value.
On May 30th, this analysis pointed out that the specified address had previously earned a paper profit worth $200 million from its Ethereum investments. Yet, DBS Bank has yet to make an announcement regarding ownership of these Ethereum holdings. A member of the community speculated that these assets could potentially be managed by DBS’s digital exchange, catering to accredited investors.
It was hypothesized that the Ethereum (ETH) is more probable to be managed as assets for investors instead of being part of the bank’s own holdings.
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2024-05-31 17:34