Ethereum Whales Continue to Buy ETH Since April
Large ether holders have been steadily increasing their positions since April, when ETH touched yearly lows, according to sentiment platform Santiment. “In exactly 5 months, they have added 14.0% more coins,” Santiment said in an X post, referring to whales holding between 1,000 and 100,000 ETH, valued at $4.41 million to $440.81 million.
Ether is now trading at $4,376, up 197.3% from its April 9 low of $1,472, based on CoinMarketCap data. Over the past 30 days, ETH has gained nearly 20%. Whale accumulation is often closely monitored by market participants, as large sell-offs can signal bearishness while steady accumulation is usually viewed as a sign of confidence.
Treasury firms and ETF demand fuel growth
Not every whale managed to benefit from the rebound. Some sold near the bottom only to re-enter at higher levels. On May 22, one wallet spent $3.8 million to purchase 1,425 ETH after selling 2,522 ETH for $3.9 million in April, when ETH traded around $1,570.
Since early April, whales have accumulated over 5.5 million ETH, according to Santiment. Many link Ethereum’s rally to strong ETF inflows and rising corporate treasury holdings. Sharplink Gaming and BitMine Immersion Technologies, the two largest ETH treasury firms, made their first purchases in June, when ETH traded between $2,228 and $2,813. BitMine now holds $8.22 billion worth of ETH, while Sharplink Gaming holds $3.69 billion, data from StrategicETHReserve shows.
Treasury companies together control $15.83 billion worth of ETH, or about 2.97% of total supply. At the same time, August was particularly strong for Ethereum ETFs, which saw $3.87 billion in inflows compared with $751 million in Bitcoin ETF outflows.
Outlook for Ethereum and market rotation
Ether has recently reclaimed its 2021 all-time high of $4,878, touching $4,934 on August 24. Fundstrat’s head of digital asset research Sean Farrell suggested ETH could rise as high as $12,000 to $15,000 by year-end.
Still, others argue that attention may return to Bitcoin. The ETH/BTC ratio has fallen by more than 2% in the past week, according to TradingView. Blockchain intelligence firm Arkham noted, “Institutions are coming back to BTC,” pointing out that ETFs sold $135 million worth of ETH while purchasing $332 million worth of Bitcoin.
Sources:
https://cointelegraph.com/news/ether-whales-accumulation-eth-price-surge-lows
https://x.com/santimentfeed/status/1963338336203911499
https://x.com/arkham/status/1963309860113535150