Whales Are Investing Billions in Ethereum as Market Calm Persists
Large cryptocurrency whales are investing billions of dollars in Ethereum while the market remains quiet.
The activity of market makers can be assessed based on several facts. For example, since November 4, a wealthy trader known under the pseudonym 66k ETH Borrow Whale has purchased 569,247 ETH worth $1.69 billion. Meanwhile, leading Ethereum treasury company BitMine invested $302 million in coins over the past week. It was joined by Trend Research, which recently acquired 46,379 ETH worth $136.3 million.
Cryptocurrency investor and data analyst known as CW reported that the unrealized profits of whales from Ethereum investments have fallen to nearly zero due to a 41% decline in the coin’s price from its peak of $4,955 reached in August. Despite this, large holders continue to accumulate digital assets, which, according to the expert, is a bullish signal indicating a potential market reversal in the near future.
“If whales were expecting the cycle to end, there would be no reason for them to accumulate ETH during a price decline. This means that the current price of the cryptocurrency offers an opportunity to buy Ethereum at the lowest possible cost. Whales control the market — and they are buying,” CW concluded.
Change in unrealized profit from ETH investments among holders of 1,000 to 10,000 Ethereum (green area), 10,000 to 100,000 (blue), and more than 100,000 (purple).
See also: "Zcash Token Price Prepares for a 45% Surge in the Coming Weeks"
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