Ethereum whales have been on a massive buying spree lately. In just three weeks, they scooped up over 700,000 ETH worth a whopping $2.45 billion according to On-chain analyst Ali Martinez
This accumulation happened during a period of wild swings in crypto prices that triggered over $215 million in forced trader liquidations, with $50.61 million coming from bets on Ether.
The whales’ huge Ether purchases coincided with a volatile stretch for Ethereum, the second-largest crypto. ETH prices plummeted to $3,368 on June 14th before recovering to around $3,500 in the following days. The price movements crushed traders on both the buying and selling sides by automatically closing out their positions when they ran low on funds to back their bets.
Though Ether is still up 2.31% over the last day to $3,565 at press time, it had suffered a 2.96% weekly decline prior. Derivative markets had been bracing for further falls before last Friday’s options expiration based on bearish trading data.
While the market turmoil caught many off-guard, blockchain metrics suggest things may be steadying. A key indicator tracking investor profits being cashed out spiked before flattening, which analysts see as a potential sign of selling pressure letting up between $3,400 and $3,600.
Adding to the long-term bullish outlook, a spot ETF for Ethereum could launch on July 2nd, according to Eric Balchunas.
