Ethereum whales accumulate $1 billion in ETH

While Ethereum continues its weak performance against Bitcoin in the cryptocurrency market, it is notable that whales are accumulating large amounts of ETH. According to on-chain data, addresses holding between 1,000 and 10,000 ETH have added approximately 330,000 more ETH since January 7. This accumulation has reached a total value of 1.08 billion dollars.

TOTAL CRYPTOCURRENCY MARKET VALUE IS 3.47 TRILLION DOLLARS

Bitcoin is currently trading at 102,512 dollars, while Ethereum is trading at 3,213 dollars. The total value of the cryptocurrency market is calculated at 3.47 trillion dollars, with Bitcoin's market cap at 2.03 trillion dollars and Ethereum's market cap at 387 billion dollars.

Yesterday, 248.7 million dollars flowed into spot Bitcoin ETFs, and 70.7 million dollars flowed into spot Ether ETFs. This indicates that investor interest is concentrated on Bitcoin, but Ethereum continues to attract attention as well.

In the last 30 days, Ethereum has been the only asset among the top 10 cryptocurrencies by market cap to show a negative return. However, according to on-chain data, there are some positive signs:

Accumulation Trend: It is noted that Ethereum whales made a similar accumulation in April 2021, and a 66% increase in the Ethereum price was observed following that period.

Network Growth: Daily active addresses have reached the 180,000 level, which points to new capital inflows.

However, Ethereum's trading volume has declined by 84% since 2021. This reveals that retail investor interest has decreased in this bull market.

According to analysts, on-chain indicators such as the accumulation movement of whales and network growth point to a potential rise for Ethereum. If investor interest increases again, a significant recovery in the Ethereum price could occur.

News Source: 12punto