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Institutional Investors Acquire 1.03M ETH Worth $4.17B
Over the past month, large investors and companies have accumulated more than 1.035 million ETH worth $4.167 billion. Interestingly, the large-scale purchases coincided with the rise of the leading altcoin’s price from $2,600 to over $4,000.
According to analyst Ember CN, the accumulation took place via exchanges and major trading platforms, with buyers paying an average of about $3,546 per ETH.
Ember CN suggested that most of the addresses belong to institutions or U.S. public companies building reserves in the altcoin.
Over the past week, Ethereum has risen by 25.42%. At the time of writing, the leading altcoin was trading at $4,243, up nearly 4.7% over the past 24 hours.
However, analyst Michaël van de Poppe warned against buying ETH at current levels. He also called the surge “insane,” believing that prices have “overshot the peak.”
Van de Poppe suggested that this situation could lead to “a major breakout toward all-time highs” but recommended instead allocating funds within the Ethereum ecosystem.
“Buying $ETH at such heights is too risky. I think it’s wiser to diversify within the ETH ecosystem, as that should yield higher returns,” the analyst wrote.
See also: "Bitcoin Price Today: Surges to $122K, Nearing All-Time High"
