Are Whales Sniffing Out A Deal? Ethereum Holdings Balloon To 30% – Details
May 30 2024 - 6:00AM
NEWSBTC
The past few months have seen Ethereum whales, the cryptocurrency
world’s Goliaths, flexing their financial muscles. According to a
recent report by Santiment, on-chain data reveals a surge in whale
activity, possibly fueled by the green light for spot Ethereum
exchange-traded funds (ETFs) from the US Securities and Exchange
Commission (SEC). This heightened involvement from large investors
adds an additional layer of intrigue to Ethereum’s bullish
momentum, suggesting growing confidence and anticipation within the
market. Related Reading: Time To Stack Stellar (XLM)? Analyst Calls
For Epic 500% Price Breakout A Whale Of A Time: Accumulation
Anchors Ahead The SEC’s surprise approval on May 23rd of 19b-4
forms for ETF applications from heavyweights like BlackRock and
Fidelity stirred the cryptoverse nest. This long-awaited decision,
following months of radio silence from regulators, seems to have
been the harbinger of a buying spree for Ethereum’s biggest
players. Santiment’s report dives deep, revealing a nearly 30%
increase in holdings by wallets containing at least 10,000 ETH over
the past 14 months. This translates to a staggering 21 million ETH,
currently valued at a cool $83 billion, scooped up by these
deep-pocketed investors. With Ethereum even surpassing Bitcoin in
terms of percentage gains last month, it’s no surprise that the
accumulation party shows no signs of stopping. Profit Feast Before
The Main Course? The data suggests a recent uptick in whale
transactions exceeding $100,000 and a whopping $1 million, reaching
year-to-date highs after the ETF approval. This surge in activity
could be interpreted as whales taking advantage of the bullish
sentiment to lock in some profits. However, Santiment suggests this
might be a strategic pit stop before diving back into the buying
pool. As long as these “10K+ ETH wallets are still moving north,”
the report argues, Ethereum’s price has the potential to continue
outperforming its bigger brother, Bitcoin, even amidst market
volatility. Profitable Seas For Ethereum Sailors The good news
extends beyond whale activity. An analysis by NewsBTC revealed a
positive trend in daily Ethereum transactions. Measured over a
seven-day moving average, the ratio of profitable transactions to
those ending in a loss sits at a healthy 1.87. This indicates that
for every losing trade, there are nearly two winning ones,
suggesting a wave of optimism among Ethereum investors. Ethereum
Price Prediction Meanwhile, the predicted yearly low Ethereum price
projection for 2025 is $ 3,716, based on the historical price
patterns of Ethereum and the BTC halving phases. According to
predictions, Ethereum’s price could rise to $6,722 in the upcoming
year. Related Reading: Dogwifhat Unstoppable: Bullish Sentiment To
Propel WIF Towards $6.7 – Analyst At the moment, the price
projection for Ethereum in 2025 ranges from $3,716 on the low end
to $6,722 on the high side. If ETH hits the higher price objective,
Ethereum’s value might increase by 80% by 2025 compared to its
current value. Ethereum has surged by 100% over the past year,
outpacing 50% of the top 100 crypto assets. Trading above its
200-day simple moving average, it exhibits a bullish momentum,
supported by 17 green days in the last 30, representing 57% of
recent trading sessions. This performance underscores Ethereum’s
resilience and attractiveness to investors, bolstered by its high
liquidity and negative yearly inflation rate of -0.24%, signaling
potential scarcity and value appreciation. Featured image from
Klook, chart from TradingView
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