Ethereum whales accelerate their purchases due to price drop

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Key Facts: While Ethereum whales increase their holdings, Bitcoin whales decrease theirs. The imminent launch of Ethereum ETFs fuels market enthusiasm. Ethereum whales, the term used to refer to investors who have more than 10,000 ethers (ETH), have significantly increased their purchases. Just in the last three weeks, the whales of Ethereum they bought more than 700,000 ETH, which is equivalent to approximately 2.5 billion dollars (USD). This comes after their holdings decreased slightly for two months, as shown in the following graph from the Santiment explorer shared by analyst Ali Martínez.

The whales' holdings of Ethereum are shown in red and the price of ETH is shown in black. Source: Santiment.

Whales have begun this accumulation period after ETH exchange-traded funds (ETFs) were approved in the United States. At the moment, there is no defined date for the launch, although Gary Gensler, president of the Securities and Exchange Commission (SEC), clarified that it will be during the summer, a season that runs from June to September. ETFs are instruments typically accessed by traditional and institutional investors, and the US stock market is the largest in the world. Therefore, these impending ether products involve the possibility of increased demand for the coin driving up its price. It is possible that this scenario is motivating the increase in purchases by Ethereum whales. Furthermore, it should be noted that This behavior occurs despite the fact that the price of ETH has fallen from USD 3,900 to USD 3,500. This indicates that large market investors are considering this fall as an opportunity. At this price level, ETH is trading 26% below its all-time high of $4,900 recorded three years ago.

Bitcoin whales now behave differently than Ethereum whales

In contrast, bitcoin (BTC) whales, which are investors with more than 1,000 BTC, show different behavior from Ethereum whales. As seen in the next graph, these actors They have sold more than 50,000 BTC in the last 10 days for around USD 3.3 billion.

The whales' holdings of Ethereum are shown in red and the price of ETH is shown in black. Source: Santiment. The price of BTC declined to USD 66,000 in the last week. In this way, the currency is trading 10% below its all-time high of USD 73,700 reached three months ago. As BitcoinDynamic reported, Markets retreated this week after the US Federal Reserve (Fed) anticipated a rate cut this year as expected. Meanwhile, he maintains them at the highest in the last two decades.