Ethereum Whales Accumulate Nearly $1 Billion Worth of ETH
If you have been following the price of Ethereum ($ETH), you may be interested to know that Ethereum whales have purchased nearly $1 billion worth of the second-largest cryptocurrency over the past month. Cryptocurrency analyst Ali Martinez shared data revealing that these whales have amassed over 410,000 ETH tokens in December.
Ethereum Trading at $2,300
As of the time of writing, Ethereum is trading at $2,300 and has experienced a decrease of over 2% in value over the past week. Although it has surged by 78.5% in the last 12 months, which forms part of a larger cryptocurrency market recovery, it still has not performed as well as BTC, which increased by 170% over the same period.
Investment Product Inflows and Altcoin Performance
One recent notable trend in the cryptocurrency market is that while investment inflows for cryptocurrency products have reached $2.2 billion over the last year, the majority of these funds came from institutional investors and were concentrated in Bitcoin. However, the smart contract platform Solana ($SOL) has also seen significant inflows of $167 million, performing particularly well after experiencing a 650% surge following the collapse of FTX. This is actually more than the inflows received by Ethereum investment products.
Analyst Predictions for Ethereum
Although some analysts are optimistic about Ethereum’s future, with Lark Davis predicting that it will reach $10,000, others like Michaël van de Poppe anticipate a range-bound phase for Bitcoin, which could indicate strength for the rest of the market, including Ethereum, potentially leading to a surge to over $3,000.
Hot Take:
Ethereum Whales Accumulate Nearly $1 Billion Worth of ETH
It’s clear that Ethereum whales are betting on the long-term value of the cryptocurrency. The current market dynamics and predictions from analysts have sparked debates over the future of Ethereum, leaving room for a potential price surge in the near future. As an investor, it is essential to keep an eye on these trends and analyses to make informed decisions.
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