Whales Continue to Accumulate Ethereum, the Latest Buy Consisting of $56 Million Worth of ETH

Whales continue to accumulate Ethereum (ETH), the pioneer altcoin asset.

The latest ETH buy from whales amounts to $56 million worth of ETH.

Altcoin prices are expected to explode soon, with ETH at the lead.

Despite Ethereum’s slow sideways movement since setting up its latest ATH price, ETH whales have shown no signs of slowing down in accumulating the pioneer crypto asset. Indeed, whales continue to accumulate Ethereum, with the latest ETH buy from whales amounting to $56 million worth of ETH. Perhaps the decline since the ATH has allowed whales a golden opportunity to accumulate at lower prices

Whales Continue to Accumulate Ethereum

The prices of BTC and ETH both experienced new ATHs over the past two weeks. In detail, the pioneer crypto asset, Bitcoin (BTC), went on to set a new ATH at the $124,000 price range exactly two weeks ago, while the price of the pioneer altcoin, Ethereum (ETH), went on to set a new ATH in the $4,900 price range just 4 days ago. While the price of BTC fell much lower after its ATH, the price of ETH has been holding strong

In detail, the price of ETH only dipped as low as $4,100 and has been trading between $4,400 and $4,600 since. In contrast, the price of BTC fell as low as $110,000 and has been trading between the $110,000 and $112,000 price range, showing how ETH is continually outperforming BTC once again. At the same time, whale accumulation for BTC and ETH has been just as strong

In particular for ETH accumulation, institutions like BlackRock and ETH Treasuries like Bitmine Immersion have been rapidly and aggressively buying ETH this bull cycle with goals of holding about 5% of the total ETH supply by the latter entity. Thus, ETH accumulation has only been growing stronger despite the growing price of ETH. Even with higher ATH targets in sight, ETH accumulation continues at every dip

Latest Buy Consists of $56 Million ETH Bought

As we can see from the post above, the latest Arkham data shows the same 4 whale addresses accumulating more Ethereum (ETH) whenever the market presents an opportunity with even the smallest price dips. In detail, these 4 wallets seem to have accumulated another $56,020,000 worth of ETH, bringing their total holdings up to $196,500,000. The post wonders if these are retail or institutional whales.

As the post above depicts, whale accumulation is rampant, with the data provided above showcasing 4 fresh ETH wallets accumulating more of the pioneer altcoin asset. To specify, these 4 wallets, possibly related to Bitmine BMNR, received another 42,867 ETH worth $198 million from FalconX over 12 hours. Could this really be Bitmine Immersion, or another institution or long-term ETH whales?