Whales in the Ethereum market are seizing the opportunity presented by the recent market crash to expand their token holdings. Ethereum prices have seen a significant decline, hovering around the $3,430 mark on June 11.
In response to the drop in prices, major holders have taken advantage of the situation by purchasing more Ethereum tokens, amounting to an impressive $840 million, as highlighted by cryptocurrency analyst Ali Martinez in a report released on June 12.
During the recent Ethereum price dip, whales acquired over 240,000 ETH, totaling approximately $840 million, according to the expert’s analysis.
In a noteworthy development, Ethereum, the second largest cryptocurrency, has witnessed a surge in inflows not seen since March, indicating renewed confidence among whales in the token. Data from cryptocurrency analytics platform IntoTheBlock shows that large Ethereum holders accumulated a net inflow of 267 ETH tokens on June 6, marking their largest daily acquisition since March.
Additionally, Ethereum experienced a significant uptick in inflows last week, marking its strongest week since March, as reported by CoinShares on June 10. The approval of spot Ethereum exchange-traded funds (ETFs) has generated positive sentiment, with ETH seeing inflows of $69 million.
Despite recent declines in the broader market, Ethereum is currently on the rise, trading at $3,636.99 with a 3.4% increase in the last 24 hours. The trading volume for Ethereum stands at $17.424.444.081 in the past day, representing an 8.10% increase compared to previous days.
The cryptocurrency market has experienced heightened volatility, influenced by significant economic events in the United States. Following news of the stable Consumer Price Index (CPI) in May, Bitcoin has shown a recovery, surging to $69,600 with a 4% increase. In contrast, Ethereum has appreciated by 3% to nearly $3,650.
It is important to note that the opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies carries a risk of financial loss.