Ethereum whales have been gobbling up ETH in the past month, according to the crypto analytics firm IntoTheBlock.
IntoTheBlock notes that whale wallets holding more than 0.1% of the total Ethereum supply added more than 1.7 million ETH in net inflows to their combined holdings in the past 30 days.
Over that month-long period, there were only three days when that same cohort of Ethereum whales recorded net outflows, and the whales accumulated 175,000 ETH in the past two days alone, according to the analytics firm.
Explains IntoTheBlock,
“This indicates strong accumulation behavior among large holders, signaling confidence in Ether’s future.”
ETH is trading at $2,604 at time of writing. The second-ranked crypto asset by market cap is down nearly 0.5% in the past day but up more than 9% in the past week and more than 11% in the past month.
In terms of Bitcoin, IntoTheBlock notes market sentiment is “booming” with 95% of BTC addresses currently in profit.
“Historically, such levels have signaled strong bullish momentum but can also indicate a potential overextension.”
BTC is trading at $67,071 at time of writing. The top-ranked crypto asset by market cap is down nearly 1% in the past 24 hours but up nearly 12% in the past seven days.
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Generated Image: Midjourney