Ethereum ‘mega whales’ continue buying amid weekend dip

Ethereum whales person continued to bargain up the cryptocurrency successful droves, according to onchain analysts, arsenic Ether recovers from its play dip. 

“Somebody is buying a ton of ETH,” blockchain analytics steadfast Arkham Intelligence said connected Sunday, with 1 code accumulating $300 cardinal worthy of Ether (ETH) from over-the-counter (OTC) trading astatine Galaxy Digital.

The whale address presently holds 79,461 ETH, worthy astir $282.5 million. 

BlackRock has besides been loading up connected ETH, with the firm’s iShares Ethereum Trust ETF seeing $1.7 cardinal successful inflows implicit the past 10 consecutive trading days.

Onchain holdings of Ether successful exchange-traded funds person gone vertical implicit the past month, surging by much than 40% implicit the past 30 days, according to Dune Analytics.

Ether holdings successful ETFs skyrocketed successful July. Source: Dune Analytics

ETH mega whales loading up 

The Ethereum “mega whale” code number has besides surged implicit the past 30 days, according to Glassnode. 

The mega whale cohort is defined by addresses holding much than 10,000 ETH, with much than 200 added since the opening of July. 

These whale address counts see those held by exchanges, ample custodians, and exchange-traded products, which person been aggressively accumulating lately. 

ETH ‘mega whale’ code number surges. Source: Glassnode

ETH already recovering 

Ether prices cooled disconnected implicit the play with a dip conscionable beneath $3,400, but the plus has continued to amusement signs of betterment connected Monday, reclaiming $3,560. 

Related: Ethereum ‘mega whales’ are stacking harder than pre-95% rally successful 2022

“While the labour market’s cooling inclination initially spooked investors, the heightened likelihood of monetary easing could soon reverse the sell-off, offering crypto a bullish tailwind arsenic liquidity expectations shift,” manager of strategical partnerships astatine the CoinW exchange, Monika Mlodzianowska, told Cointelegraph. 

Ether bearish successful August 

Similar to Bitcoin, which has been bearish successful 8 retired of the past 12 months of August, Ether has seen losses successful the past 3 years successful August.

The plus fell by treble digits successful August 2023 and 2024, but surged a whopping 35.6% during August 2021, which was a bull marketplace year, according to CoinGlass. 

Over the weekend, Eric Trump, the lad of US President Donald Trump, told his X followers to bargain the ETH dip.

Source: Eric Trump

Meanwhile, CNBC labelled Ethereum “Wall Street’s invisible backbone” successful an nonfiction connected Saturday. 

Magazine: China mocks US crypto policies, Telegram’s caller acheronian markets: Asia Express