Is Ethereum Confidence Back? Crypto Whales Buys $423 Million Worth of ETH

• Ethereum whales bought as much as $423 ETH tokens in 24 hours. It shows a new surge of confidence. 
• But, it might not be enough to drive a massive price change for the token. 

Whenever Ethereum whales are keen on making transactions, they usually do so in large numbers. So, recent data shows a group of Ethereum whales bought as much as $423 million ETH tokens.

Ethereum Whales Participate in Huge Accumulation 

• New on-chain data shows that a large number of Ethereum whales engaged in massive accumulation recently. So, an analyst named Ali on Twitter (now X) pointed out the situation of the Ethereum token. There is verifiable data that the ETH token saw massive accumulation from whales. Apparently, the relevant indicator for this metric shows the total amount an Ethereum whale holds. However, the data there shows some increase. 
• In this metric, there’s a classification of Ethereum whales according to the number of tokens they hold. So, there are people who hold between 1 and 10 tokens. And there are those whose wallets can hold up to 10,000 to 100,000 coins. Nevertheless, those with Ethereum tokens within this range are the top whales of the network. Platforms constantly monitor their activity to know if they are buying or selling. So, a chart within the past week shows a massive increase in Ethereum whale holdings. 

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#Ethereum whales appear to have purchased around 260,000 $ETH within the last 24 hours, worth nearly $425 million. pic.twitter.com/rPRMhnI6oD

— Ali (@ali_charts) September 5, 2023

Ethereum Whales Accumulate $423 Million in 24 Hours 

@ali_charts via X 

• A graph shows Ethereum whales went on a shopping spree in the market. So, many participated in transactions reaching up to $423 million in valuation in 24 hours. These accumulations from these Ethereum whales bring their wallet value to unbelievable heights. So, they have about 27.03 million ETH in their wallets. 
• This is about 22.5% of the entire circulating supply of the cryptocurrency. At the time of writing, Ethereum’s price is within the range of $1600. However, the token is still suffering from some bearish trends. 

Is Confidence Back? What Does the Latest Purchase Mean? 

@ali_charts via X 

• The new purchases from Ethereum whales mean a lot to the token. So, the recent accumulation from the whales means that these holders support the current prices, so the probability of a rebound is very high. The analyst on Twitter says the current Ethereum price isn’t sustainable. 
• The data shows the number of investors that bought in each Ethereum price range is very small. Furthermore, the current level is relatively thin on holders. This means that many of the investors on the Ethereum network are in losses. Apparently, they bought ETH tokens while the price was higher. 

Conclusion 

A new on-chain data shows that many Ethereum wallets piled up a large number of the tokens within 24 hours. The significant impact on the Ethereum network is that it shows investors’ confidence is returning little by little. However, their recent purchases might be enough to drive significant price changes. This is because a large number of Ethereum investors are in losses. 

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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company