Major Ethereum investors, known as whales, significantly increased their holdings in July, acquiring 722,152 ETH valued at approximately $2.77 billion.
This accumulation occurred primarily through transactions into newly created or existing private wallets, bypassing cryptocurrency exchanges. Whale addresses on the Ethereum network held this significant purchasing activity, reflecting a deliberate strategy to move assets off trading platforms.
The massive influx of funds into private custody coincided with a substantial price surge for Ethereum. The cryptocurrency’s value rose from around $2,800 to $3,900 during the same period, marking a 39% increase that analysts correlate strongly with the whale accumulation behavior.
Supporting the bullish sentiment, data reveals that 91% of all Ethereum holders are currently in profit. Furthermore, 75% of these holders exhibit a long-term perspective, retaining their assets rather than selling.
Network activity remains exceptionally high, with large transactions exceeding $100,000 totaling $92.25 billion over the past week. This underscores robust liquidity and active movement of significant capital within the Ethereum ecosystem.
The preference for off-exchange accumulation is seen as a strategic move by large players. It effectively reduces potential selling pressure on exchanges, secures assets in self-custody, and minimizes exposure to potential risks and volatility associated with exchange platforms, signaling long-term holding intentions.