Major Ethereum heavyweight investors take advantage of market dip by purchasing a substantial $200 million worth of ETH assets.
Ethereum, the second-largest cryptocurrency by market capitalization, has been making headlines recently as high-profile and institutional investors have shown increased interest, outshining Bitcoin in terms of whale activities.
This surge in buying activities from both retail and institutional holders could have significant implications for the market. The increased demand may tighten the supply on exchanges, boosting confidence among retail investors. Analysts have predicted that the ongoing downtrend in Ethereum may come to an end soon, sparking excitement among market watchers.
The massive buys could signal a potential price surge for Ethereum. In a notable transaction, two newly created whale addresses collectively acquired approximately $200 million worth of Ethereum (ETH) in a single purchase. This transaction, which saw Ethereum birthing new whales despite the market slump, took place using BitGo.
Another significant transaction was made by FG Nexus, who acquired approximately 200 million US dollars worth of Ethereum by purchasing 47,331 ETH at a price of 4,228.40 USD per token. This move is aimed at securing a 10% stake in the Ethereum network, and these transactions took place as part of a private placement connected to their digital assets division in Charlotte, North Carolina.
The recent buy activities show that Ethereum whales are relentlessly buying the dip on the asset, indicating a positive outlook despite the market downturn. This resilience from large holders of Ethereum has been a recurring theme, with whales aggressively stacking up on the asset despite massive price losses.
The increased whale transactions on Ethereum are not just limited to recent days. Ethereum has been outshining Bitcoin again, as a crucial metric has flipped bullish. The ongoing whale activities today suggest that whales might be taking over the Ethereum ecosystem.
The massive buys could mark the beginning of a bullish reversal in the price of Ethereum. Given the historical precedent, large whale purchases of Ethereum have often preceded periods of price recovery in the past. As such, the current trend could be an indication of a positive outlook for Ethereum in the near future.
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