Ethereum
Ethereum (ETH) Whales Are Getting Incredibly Bullish: Details
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Ethereum (ETH) Whales are making major moves in the cryptocurrency market, suggesting strong bullish sentiment despite short-term price volatility. According to crypto analyst Ali Martinez, these big investors have accumulated over 126,000 ETH in the last 48 hours, or about $440 million.
In a tweet, Ali wrote: “Ethereum whales have accumulated over 126,000 ETH in the last 48 hours, worth around $440 million.”
According to CryptoQuant CEO Ki-Young-JuWhales may be preparing for the next move in the market. Ju wrote in a tweet that “whales may be preparing for the next rally in altcoins.” He noted that the volume of limit buy orders for altcoins, excluding Bitcoin and Ethereum, is increasing, indicating that strong buy walls are being put in place.
Ethereum’s recent developments, including the recent launch of Ethereum spot ETFs in the US, appear to have increased its appeal among large holders, known as crypto whales. Ethereum recently celebrated nine years since its inception, and as the ETH network continues to evolve, it is likely to attract more institutional interest.
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According to data from Farside Investors, fund flows into U.S.-listed Ethereum spot exchange-traded funds turned net positive daily for the first time since their inception on July 31, primarily due to a decrease in outflows from the Grayscale Ethereum Trust.
Ethereum Price Drops Due to Market Crash
Bitcoin and Ethereum, along with the majority of other crypto assets, appear to be underperforming during Thursday’s trading session.
According to CoinMarketCap dataAt the time of writing, Bitcoin’s price was $64,034, down 2.77% from the previous day. Ethereum’s price is down 4.21% from $3,175, where it was 24 hours ago. Several cryptocurrencies were posting larger losses; Solana’s Dogwifhat was down 12% in the past 24 hours, and PEPE was down 7% in the same period.
According to CoinGlass, price followers have led to the liquidation of $225 million worth of derivatives contracts over the past day.