news 
Big Money Bets on Ethereum: $220M in ETH Bought Amid Price Dip
Recent market fluctuations have not deterred institutional investors from buying and staking massive amounts of Ethereum (ETH) tokens. In fact, a whopping $220 million has been spent by one whale alone to purchase 85,465 ETH over the past week, marking another significant increase in accumulation since mid-2024.
This substantial bet on Ethereum’s future value is a testament to the conviction of long-term holders who see the potential for growth despite short-term price fluctuations. It appears that institutional investors are undeterred by the recent 2.47% and 9.38% drops, respectively, in the past 24 hours and over the last week.
The whale’s transaction was facilitated through over-the-counter (OTC) deals with Coinbase and Wintermute, with each ETH token being purchased at an average price of $2,584. This significant investment has not deterred the investor from staking all 85,465 ETH tokens through Lido, further emphasizing their commitment to Ethereum’s long-term prospects.
Notably, this whale also holds a substantial sum of USDC on Aave, hinting at potential future purchases and reinforcing the idea that this accumulation is part of a calculated strategy rather than short-term trading. The sheer scale of these transactions serves as an indicator of institutional investors’ unwavering confidence in Ethereum’s long-term growth.
The data suggests that addresses holding between 1K-10K ETH tokens have been consistently increasing their holdings since mid-2024, with more recent additions amounting to over 500,000 new ETH. This pattern is indicative of the market seeing a shift towards a broader strategy of accumulation and staking rather than short-term speculation.
The Ethereum technical chart has also taken on an intriguing shape, as reported by Bitcoinsensus. The data highlights that a macro bullish flag pattern has been forming since 2021 and could potentially lead to significant price appreciation.
Source: blockonomi.com
