Whale accumulation of Ethereum (ETH), the second largest cryptocurrency, is on the rise as the market stabilizes, according to analysts at on-chain platform IntoTheBlock. Despite recent market declines, large holders of Ethereum have begun accumulating tokens in their portfolios, indicating a shift from selling to accumulation. Currently, addresses with more than 1% of the total supply hold 41% of the ETH supply, up from 36% at the beginning of the year. This trend highlights the increasing confidence among these large holders. The price of Ethereum is currently at $3,789.51, with a 0.4% decrease in the last 24 hours and a trading volume of $11,960,018,224. The recent approval of the first Ethereum exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) has also contributed to a 25% increase in the cryptocurrency’s value. However, it’s important to note that investing or trading cryptocurrencies carries a risk of financial loss.
