- Whales move $1.7B in ETH, signaling potential price surge.
- Ethereum’s price volatility continues as whale accumulation reduces circulating supply.
- Dormant investor transfers 200,000 ETH, fueling speculation about ETH’s future.
Ethereum (ETH) has experienced notable volatility recently, dipping below the $4,000 level while failing to stabilize above it. Despite this, Ethereum whales have been aggressively accumulating the asset, moving a total of 431,018 ETH worth $1.73 billion from exchanges into private wallets. According to Lookonchain, these transactions involved 16 separate wallets and included withdrawals from Kraken, BitGo, Galaxy Digital, and OKX.
These movements are significant because transferring assets from exchanges to private wallets usually signals that holders are not planning to sell. This reduction in the circulating supply creates scarcity in the market, which can contribute to upward price pressure. Consequently, these whale activities indicate confidence in ETH’s potential to rise.
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Ethereum’s price has remained volatile amid these movements. In the last 24 hours, ETH traded between $3,877.82 and $4,069.17, and it currently sits at $4,010.40, representing a 3.08% increase. However, trading volume has dropped sharply by 41.63%, down to $36 billion, suggesting that the recent price uptick might face resistance.
Whale Movements Signal Confidence and Market Scarcity
Another notable development involves a long-dormant investor who recently transferred 200,000 ETH into two new wallets. Despite this activity, the investor has not sold any holdings and now maintains 736,316 ETH across eight wallets, valued at $2.89 billion. These moves suggest that major ETH holders are preparing for potential future gains rather than short-term profits.
The accumulation by whales, combined with the reduced supply on exchanges, could drive Ethereum’s price higher as market scarcity increases. While price swings remain a challenge, the actions of these large holders point to a bullish outlook in the near term. Ethereum’s trajectory may depend heavily on continued whale accumulation and overall market momentum.
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