Ethereum Whales Buy 70,000 ETH for $185M: Is It Time to Buy?

This article is also available in Spanish.

Ethereum has largely followed Bitcoin’s trajectory in terms of price movement and has not yet established its own momentum until recently over the past few months. As per price data, Ethereum has risen by 13% in the last week, exceeding Bitcoin’s growth of 5.8% during the same period. This remarkable surge in Ethereum can be attributed to significant holders who appear to be expanding their assets.

Importantly, on-chain analytics from various platforms indicates a recent uptick in activity among Ethereum whales. Specifically, data from Glassnode suggests that substantial ETH holders have added at least 70,000 ETH to their wallets since the start of last week.

Ethereum Whales Are Investing Heavily in ETH

The noteworthy activities of Ethereum whales mentioned earlier are highlighted by the on-chain analytics service Glassnode. As illustrated in the chart below, the number of Ethereum wallets holding 10,000 ETH or more has increased over the last 24 hours, rising to 925 wallets. This represents an addition of about seven new whale wallets that have amassed a large amount of ETH tokens, up from the 918 wallets counted on September 18.

Backing this trend further, additional insights from IntoTheBlock (ITB) reveal a spike in transactions from wallets holding significant Ethereum. ITB monitors these transactions using a specific metric that tracks both the number and value of transactions exceeding $100,000. According to this metric, Ethereum whale activity has surpassed $29 billion in the past week. While this metric covers both incoming and outgoing transactions from whale wallets, the sheer volume of transactions is noteworthy. Historically, such intense activity from large holders has typically indicated a bullish trend for cryptocurrencies.

This surge in activity is also reflected in the inflows of ETH into the wallets of large holders. On September 23, these inflows soared to 515,520 ETH, representing a remarkable 440% increase compared to the 95,820 ETH recorded during the previous 24-hour period.

Is It Time to Acquire ETH?

At the time of this writing, Ethereum is priced at $2,626. As mentioned previously, this price reflects a 13% rise over the last week, signaling Ethereum’s outperformance against Bitcoin for the first time since the start of the year. The leading altcoin has so closely mirrored Bitcoin’s movements that some analysts are skeptical about its ability to decouple in the near future.

Given Ethereum’s significance in the cryptocurrency ecosystem, there’s never an unfavorable moment to accumulate more ETH. Ethereum recently surpassed the $2,600 mark for the first time this September, marking the beginning of a potential upward trend. The next crucial target is to breach the $2,700 threshold by the month’s end, which could set the stage for a move towards $3,000 in October.