Institutional Accumulation of Ethereum Surpasses $4 Billion Amid Price Surge, Analysts Caution on Overextension
Main Idea
Institutional accumulation of Ethereum has surpassed $4 billion amid a price surge, with analysts cautioning about potential overextension and suggesting investments in the Ethereum ecosystem instead.
Key Points
1. Unknown whales and institutions accumulated 1.035 million Ethereum (valued at $4.17 billion) as the price surged from $2,600 to over $4,000, marking a 45% gain since July 10.
2. The average buy price for Ethereum was approximately $3,546, with transactions escalating from 250-500 ETH per transfer to over 1,800 ETH.
3. Analyst Michaël van de Poppe cautioned against buying ETH at current levels, describing the price movement as 'wild' and suggesting investments within the Ethereum ecosystem for higher returns.
4. Ethereum's 24-hour gain of 6.6% pushed the price to $4,170, nearing its previous all-time high of approximately $4,800, with 30-day performance showing nearly 50% growth.
5. The buying spree indicates sustained institutional buying pressure, but analysts warn of potential overextension in the market.
Description
Over the past month, unknown whales and institutions have accumulated 1.035 million Ethereum, valued at approximately $4.17 billion, as the price surged from $2,600 to $4,170. Whales and institutions amass
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