Ethereum Whales Accumulate as ETH Price Recovers
Ethereum has seen renewed buying interest from large holders as the price rebounds from a weekend decline, according to onchain analysts.
“Somebody is buying a ton of ETH,” said blockchain analytics firm Arkham Intelligence on Sunday, noting that one address purchased $300 million worth of Ether through OTC trades at Galaxy Digital. That address now holds 79,461 ETH, valued at approximately $282.5 million.
Institutional interest is also rising. BlackRock’s iShares Ethereum Trust ETF has attracted $1.7 billion in inflows over the last 10 trading days. Data from Dune Analytics shows that ETF-held Ether surged by over 40% in the past month.
Meanwhile, the number of so-called “mega whale” addresses—defined as those holding more than 10,000 ETH—has increased significantly. Since early July, more than 200 such addresses have been added, including those held by exchanges, custodians, and exchange-traded products that have been actively accumulating.
Ether briefly dipped below $3,400 over the weekend but began recovering on Monday, climbing back above $3,560.
“While the labor market’s cooling trend initially spooked investors, the heightened likelihood of monetary easing could soon reverse the sell-off, offering crypto a bullish tailwind as liquidity expectations shift,” said Monika Mlodzianowska, director of strategic partnerships at the CoinW exchange.
Despite the recent recovery, August has historically been a weak month for Ether. The asset saw double-digit losses in August 2023 and 2024, although it jumped 35.6% during the 2021 bull run, according to CoinGlass.
Over the weekend, Eric Trump, son of U.S. President Donald Trump, took to X to urge his followers to buy the ETH dip.
Sources:
https://cointelegraph.com/news/eth-holders-scoop-up-ether-as-mega-whale-addresses-surge
https://intel.arkm.com/explorer/address/0xdf0A67Ded855F8ea4baB6399690883243c0e2EF3
https://x.com/NateGeraci/status/1951822650344391161
https://x.com/erictrump/status/1951573731664367766