Ethereum whales bulk up on ETH holdings – What for?

Ethereum whales bulk up on ETH holdings – What for?

September 7, 2023

By Abiodun Oladokun

Read Ethereum’s [ETH] Price Prediction 2023-24

There has been a notable surge in ETH accumulation amongst a cohort of whale investors.

While the coin has seen increased demand in the last week, poor sentiments continue to beat down its price.

Ethereum [ETH] accumulation amongst whales that hold between 10,000 and 100,000 coins rallied to a weekly high on 4 September, data from Santiment revealed.

According to the on-chain data provider, the cumulative count of this whale investors cohort climbed from 1075 to 1088 between 3 and 4 September, as they collectively purchased around 260,000 ETH worth nearly $425 million during that period.

However, the count of much bigger ETH whales has since declined. Data from Santiment revealed a 2% drop in the count of ETH whales that hold between 100,000 to 1,000,000 coins in the past three days.

Much ado about nothing?

While a cohort of ETH whales has intensified accumulation in the past few days, the coin’s whale transaction volume has generally declined in the last month. Data from IntoTheBlock revealed a 27% decline in ETH whale transactions worth between $1 million and $10 million.