Significant unidentified investors, commonly referred to as ‘whales,’ have accumulated a substantial 790,000 ETH, valued at approximately $2.89 billion, in coordinated transactions starting July 10.
This major accumulation activity involved multiple wallets purchasing ETH through prominent cryptocurrency exchanges. Notably, three newly created addresses acquired an additional 73,821 ETH, worth $283 million, in a concentrated eight-hour period as of July 31.
Market analysts view this massive buying spree as a strong indicator of bullish sentiment, particularly linked to the anticipated approval of Ethereum Exchange-Traded Funds (ETFs). An approved ETF is expected to enhance Ethereum’s accessibility to traditional investors and reinforce its market legitimacy.
Experts specializing in on-chain data analytics highlight a pattern where large-scale ETH purchases often precede significant market rallies. They interpret the current whale activity as reflecting considerable confidence in Ethereum’s future prospects within the broader cryptocurrency landscape.
The aggressive accumulation underscores Ethereum’s dominant position in the market and fuels expectations of potential upward price movements, driven by the combination of institutional interest and favorable regulatory developments.