The recent activities of Ethereum's large investors have raised hopes of a continued bull market. After a strong price move last week that saw Ethereum surpass $3,000 for the first time since August, there is a new wave of accumulation from Ethereum whales.
The third quarter saw significant selling from this investor segment as multiple large holders offloaded their assets, dampening price momentum. At the time of publication, the second-largest crypto was trading at $3,049 after a 3% drop in the past day. The price has experienced a 4% jump in the past week.
Whale Activity
However, things seem to have taken a turn in the fourth quarter. Onchain data from Lookonchain revealed that a new Ethereum whale address became active on November 9, accumulating over 18,000 ETH at an average price of $3,201, Cointelegraph reported.
The wallet reportedly holds Ether worth $57.8 million, alongside $19.3 million in Tether (USDT). This substantial purchase is now valued at $23.44 million in the last 24 hours alone. The whale's decision to hold only Ethereum and USDT suggests a strategy of accumulating more ETH during potential price dips, signaling confidence in the asset's future value.
Earlier, a prominent whale from Ethereum's 2016 initial coin offering sold off a significant holding, netting an impressive 80,000% return. More recently, another major Ethereum holder transferred 6,250 ETH (worth $20 million) to the Kraken exchange, reflecting a past trend where ICO whales offloaded their assets at key price points.
Bitcoin ETF Outflows
While Ethereum whales make waves, Bitcoin exchange-traded funds have experienced their third-largest outflow since launch, with $400.7 million drained on Thursday, Coindesk reported. Bitcoin's price corrected by 6% from its all-time high of $93,000 earlier this week. Despite this, inflows into some ETFs like BlackRock's IBIT continue, showing mixed investor sentiment.
Glassnode data shows that in the past three days alone, investors cashed in a staggering $15 billion. Such profit-taking is typical after a new all-time high, but if history repeats itself, Bitcoin is expected to find support and rebound.
The return of whale activity hints at renewed confidence in Ethereum's long-term potential. This could be an opportunity for investors, especially if ETH sees further consolidation before a breakout.
This article was written by Jared Kirui at www.financemagnates.com.
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