The whales of the second largest cryptocurrency, Ethereum, are seizing the opportunity presented by the recent market crash to expand their token holdings. Over the past few days, the price of Ethereum has experienced a significant drop, hovering around the $3,430 mark on June 11.
In response to this price decline, major holders of Ethereum have capitalized on the situation by purchasing additional tokens, amounting to a staggering $840 million, as highlighted by prominent cryptocurrency analyst, Ali Martinez, in a report published on June 12.
“Whales have acquired more than 240,000 $ETH during the recent dip in Ethereum price, totaling approximately $840 million!”, stated the expert.
It is important to note that Ethereum, the second largest cryptocurrency in the market, has witnessed a notable increase in inflows not seen since March, signaling renewed confidence in the token among whales who are making significant bets. Data from cryptocurrency analytics platform IntoTheBlock revealed that large Ethereum holders accumulated a net inflow of 267 ETH tokens on June 6, marking the highest daily accumulation by whales since March.
Furthermore, Ethereum has also demonstrated a strong performance in recent weeks, registering its highest weekly inflows since March, according to a report by CoinShares released on June 10. The influx of $69 million into ETH suggests a positive response to the approval of spot Ethereum exchange-traded funds (ETFs).
Despite experiencing significant declines in the past few days, Ethereum is currently on the rise, in line with the broader market trends. At the time of writing, the Ethereum price stands at $3,636.99, reflecting a 3.4% increase in the last 24 hours. The trading volume for Ethereum (ETH) has reached $17,424,444,081 in the last day, marking an 8.10% rise compared to previous days.
The cryptocurrency market has once again witnessed high volatility, influenced by key economic events in the United States. Following the news that the Consumer Price Index (CPI) remained stable from the previous month and rose 3.3% year-on-year in May, the price of Bitcoin saw a significant recovery, soaring to $69,600 with a 4% increase. In contrast to this trend, Ethereum (ETH) also appreciated by 3%, reaching close to $3,650.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing or trading cryptocurrencies involves a risk of financial loss.
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