Ethereum’s largest holders, often referred to as ‘whales’ are on an aggressive buying spree. Data from IntoTheBlock shows that these major investors have added an impressive 175,000 ETH to their holdings in just the past two days, and it’s part of a trend of people staying on the accumulation side.
Ethereum wallets of whale actively increasing their positions over the last 30 days. Large holders have been net buysiding before each of the three days they lost money compared to the past month.
That means they had increased their portfolios instead of reducing them pointing at a long term bullish outlook for the second biggest cryptocurrency by market cap.
Ethereum Whales Accumulate
In particular, the large holder netflow indicator, an indicator that measures transactions from wallets in the top 0.1 percent of Ethereum’s total supply, shows that these investors have together added in excess of 1.7 million ETH during this 30 day period. This is such significant accumulation that it really positions hands behind the back when they’re confident in Ethereum’s future prospects.
Though whale activity has spiked, Ethereum’s price has remained mostly consistent over the past 24 hours, down by just 0.09% to $2,617 at press time. But it had a 10% boost over the past week, clearly gaining some momentum.
The broader cryptocurrency market is also in the red, with traders and investors waiting for key economic data slated for later this week. Next Wednesday, the U.S. will see the latest weekly U.S. jobless claims and September manufacturing data, which could provide more clues to health of the U.S. economy and could impact the Federal Reserve’s next move on interest rates.
Late last week, several Federal Reserve officials suggested rate cuts may be in the works, adding to a drumbeat of speculation about the tone of economic policy. There are likely to be more comments from Fed policymakers, something that could have a major effect on both traditional and crypto markets.
The market will be watching carefully for any indication of switch in sentiment or price action as Ethereum whales pile their chips on this one. Meanwhile, the steady addition indicates a firm hold on Ethereum’s future potential despite ongoing macroeconomic uncertainty.
