- Whales quietly buy billions in ETH as price surges.
- Ethereum nears $5,000 with massive accumulation fueling market optimism.
- Record whale purchases push ETH within reach of all-time highs.
Ethereum has pushed closer to the $5,000 mark after gaining nearly 2 percent in the past 24 hours and recording a 22 percent weekly rise. The rally pushed the token within 12 percent of its lifetime peak of $4,900, and massive buying by whales has become a central force.
Blockchain analyst @EmberCN stated that unknown whales and institutions have amassed over 1.1 million ETH, worth approximately $4.78 billion, since July 10. These acquisitions were made at an average price of $3,584, which indicates aggressive positioning by big market players.
Another big holder has purchased 68,000 ETH, or about $120 million, since June 22, on-chain analyst @ai_9684xtpa added. This buildup at an average price of $2,597 was followed by a recent sell-off of 8,745 ETH on Binance.
Also Read: XRP ETF Will Outperform Ethereum ETF Without a Doubt – Canary Capital CEO
Massive August Buys Signal Strong Confidence
Between August 4 and August 8, one entity reportedly secured 171,015 ETH valued at approximately $670 million from platforms including FalconX, Galaxy Digital, and BitGo.
Over the next couple of hours, they increased their holdings by another 49,533 ETH or $209 million. This address has already accumulated 221,000 ETH, worth approximately 955 million dollars, in one week, with an average price of $3,794, and has a potential profit of roughly $116 million.
Other than whale purchasing, Ethereum’s strength triggered a reduction in Bitcoin’s market dominance, which has led to a larger altcoin rally. Among some of the major alternative assets, ETH has been one of its main beneficiaries, posting gains.
Jan3 CEO Samson Mow has, however, cautioned that the rally is at risk of selling pressure as prices near all-time highs. Mow states that Ethereum has been used frequently by investors to gain additional Bitcoin, which he terms the Bagholder Dilemma.
The ETH/BTC ratio now stands at 0.036, doubling from its April low of 0.018. Market participants are watching closely to see if Ethereum breaks past its record high or stalls near the $5,000 level.
Also Read: XRP Breakout Target Higher Than Expected
