Significant attention has been drawn to the activities of Ethereum whales. These prominent investors have been actively acquiring Ethereum, with their collective purchases nearing a staggering $1 billion in value over the last month.
This trend emerges even as Ethereum’s market performance shows a slight lag, especially compared to its counterpart, Bitcoin (BTC).
Crypto analyst, Ali Martinez, reveals that these whales have added over 410,000 ETH tokens to their portfolios during December.
During the recent accumulation phase, Ethereum traded at about $2,300, a slight weekly decrease of over 2%. Despite this, Ethereum’s value has significantly increased by approximately 78.5% over the past year, while Bitcoin has outperformed Ethereum, with its value soaring by 170% in the same timeframe.
In the past year, the cryptocurrency investment scene has been vibrant, witnessing an approximately $2.2 billion influx into diverse crypto investment products.
Dominating this arena were Bitcoin-centric investments, which drew around $1.93 billion mainly from institutional investors.
Solana ($SOL) stood out notably in the altcoin sector, attracting $167 million in investments. This capital injection was a key factor in its remarkable over 650% growth, particularly after its recovery from the FTX collapse.
Analyst Lark Davis held a bullish stance, predicting Ethereum’s value could soar to $10,000. Similarly, Michaël van de Poppe, another eminent crypto analyst, has suggested a promising outlook for Ethereum.
He anticipates it might climb above $3,000, particularly if Bitcoin enters a range-bound phase post-ETF approval.
Also Read: Ethereum and Bitcoin Lead a Sudden $100 Billion Market Collapse
