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Big Money Bets on Ethereum: $220M in ETH Bought Amid Price Dip
Despite the current price weakness and unrealized losses of nearly $5 million, a massive whale has continued to accumulate Ethereum (ETH) assets, buying over $220 million worth of ETH tokens in just one week. This move, made through over-the-counter transactions with Coinbase and Wintermute, underscores institutional conviction in the long-term potential of Ethereum.
The whale’s actions are particularly noteworthy as they have spent an average of $2,584 per ETH token, indicating a strong belief in the cryptocurrency’s value proposition. The entity has not only purchased 85,465 ETH tokens but also staked them all through Lido, further demonstrating their commitment to holding onto these assets for an extended period.
This move suggests that institutions are increasingly focused on accumulating Ethereum in the midst of market fluctuations. In fact, data from CryptoRank.io reveals that addresses holding between 1,000 and 10,000 ETH tokens have added over 500,000 ETH since mid-2024. This trend shows no signs of slowing down, with accumulation intensifying over recent days.
The whale’s actions are also reflected in the cryptocurrency’s technical chart, which is forming a macro bullish flag pattern. This structure has historically led to strong rallies from each support touchpoint, potentially targeting $8,000 as the macro setup aligns with whale behavior.
Source: blockonomi.com
