Key Points
- Despite a recent price drop, Ethereum whales continue to accumulate ETH.
- Most whale positions in derivatives markets are long on ETH.
Ethereum (ETH) experienced a 4.73% decrease in value over the past day, disrupting its bullish momentum that followed Bitcoin’s halving. The second-largest cryptocurrency was trading at $3,125 at the time of writing.
Whales Remain Bullish
Despite the downturn, whale investors remain optimistic about Ethereum’s future. According to Spot On Chain, a platform that tracks on-chain activity, large investors have been buying significant amounts of Ethereum in the last 24 hours.
One particular wallet, identified as 0xe0b, purchased 1,524 stETH at an average price of $3,159. This acquisition increased the wallet’s total stETH holdings to over $10 million, yielding an estimated profit of 3.42%.
Increased Whale Activity
Another whale investor bought 7,128 ETH, valued at $22 million at current prices, at $3,111. This investor reportedly holds an impressive $482 million in Ethereum, although they are currently experiencing an unrealized loss.
These are not isolated instances. Data from Santiment indicates that Ethereum whale transactions have increased over the past few days, with a notable increase in large transfers exceeding $100k.
Furthermore, the percentage of total supply held by top addresses increased from 41.37% on the halving day to 41.45% on April 24th, suggesting that whales are accumulating Ethereum.
On the derivatives markets, the majority of whales are also bullish on Ethereum. Approximately 63% of all whale positions on Binance are long on Ethereum. However, it’s worth noting that long exposure has decreased following the halving.
The overall market sentiment appears to be one of greed, hinting at a potential increase in buying pressure in the coming days. This could support a rebound in Ethereum’s price.
