Ethereum Whales on a Buying Spree Worth $2.45 Billion
Ethereum whales have initiated a significant accumulation, purchasing over 700,000 ETH valued at an astonishing $2.45 billion in the past three weeks, per On-chain analyst Ali Martinez.
This comes amid a period marked by wild price swings in the crypto market, which led to total forced liquidations exceeding $215 million, including $50.61 million tied to Ether bets.
Volatile Times for Ethereum
The massive whale activity coincided with a turbulent stretch for Ethereum, the second-largest cryptocurrency. On June 14th, ETH prices plunged to $3,368 before rebounding to around $3,500. These fluctuations resulted in significant losses for traders, particularly those with leveraged positions, when the price movement triggered automatic position liquidations.
Although at press time, Ether showed a 2.31% rise over the last 24 hours, reaching $3,565, it had experienced a 2.96% decline earlier in the week. Derivative markets had been on edge, anticipating further dips prior to last Friday’s options expiration, driven by bearish trading data.
Signs of Market Stabilization
Despite the unexpected market turmoil, certain blockchain metrics suggest stabilization. A crucial indicator that follows investor profit-taking soared before leveling off, a potential signal of waning selling pressure between $3,400 and $3,600.
Bullish Long-Term Outlook
Adding to the optimism, Eric Balchunas hinted at the possibility of a spot ETF for Ethereum launching on July 2nd, which could further drive investor interest and market sentiment.
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