Ethereum Whales Accumulate $124 Billion Worth of ETH

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Recent data from Santiment reveals that Ethereum whales, the largest holders of ETH, have been on a relentless buying spree. These notable investors have been stacking up ETH at a staggering rate, amassing a jaw-dropping $124 billion worth of tokens since November 2022. This bullish trend, coupled with other positive indicators, suggests that Ethereum is poised for potential growth, making it an asset to watch in the crypto space.

TL;DR:

Ethereum whales, the top 200 wallet holders, have been accumulating ETH since November 2022.
Despite market turbulence and a dip in ETH prices, these whales continued to buy.
They have collectively purchased $124 billion worth of ETH, increasing their holdings by 30%.
New ETH wallet creation has surged, hinting at renewed interest and potential adoption.
Ethereum’s current price around $2,000 remains favorable for recovery.
Analysts anticipate ETH could reach $2,350 in the coming weeks.

Ethereum Whales’ Accumulation Spree

Ethereum whales have shown remarkable confidence in the future of ETH. Despite the turbulence and uncertainty that characterized the crypto market over the past year, these top 200 wallet holders have displayed unwavering optimism. Their accumulation journey began in November 2022, a period when the crypto space faced significant challenges. Notably, this coincided with the aftermath of FTX crypto exchange’s bankruptcy filing, which sent shockwaves through the market.

Even as ETH prices experienced a dip, descending to as low as $900, these influential investors saw an opportunity amidst the fear. What followed was a consistent and determined buying spree that defied market sentiment. Santiment’s data reveals that by November 2022, these Ethereum whales had collectively acquired an astonishing $124 billion worth of ETH. This substantial increase amounted to a remarkable 30% growth in their holdings, consolidating their position as major players in the Ethereum ecosystem. It’s worth noting that the combined holdings of these top 200 wallets now account for an impressive 52% of the total ETH supply.

Surge in New ETH Wallets

While Ethereum whales have been making waves with their accumulation, another significant development has emerged within the Ethereum network. On Tuesday, November 21, 2022, Ethereum witnessed a surge in the creation of new wallets, marking a noteworthy milestone. A total of 94,700 new Ethereum wallets were created on that day, representing a four-month high in wallet activity. This surge in wallet creation hints at renewed interest in the Ethereum ecosystem and a potential resurgence in adoption.

The creation of new wallets is often viewed as a positive indicator in the crypto space, signifying growing engagement and a broader user base. As more participants enter the Ethereum network, it sets the stage for increased activity and potential price recovery, injecting fresh vitality into the Ethereum community.

Ethereum’s Price and Market Outlook

Despite the challenges and market volatility, Ethereum has demonstrated resilience by maintaining a price level just below the $2,000 mark. This stability provides a foundation for optimism and suggests that Ethereum’s price forecasts remain intact. Notably, Ethereum’s current price positions it favorably for a potential recovery, with market analysts closely monitoring its trajectory.

Crypto analyst FieryTrading has put forward a positive outlook for Ethereum, forecasting a potential return to the $2,350 territory in the near future. This prediction is based on the observation that Ethereum has been in a consolidation phase following its ascent from $1,500 to $2,100. According to FieryTrading, the current pattern resembles a ‘bull-flag,’ a bullish continuation pattern that often indicates a forthcoming price increase. The analyst places a target price of $2,400 for Ethereum in the coming weeks, underlining the potential for a substantial price rally.

As of the time of writing, Ethereum is trading at $2,078.

Conclusion:

Ethereum’s journey through the crypto landscape remains captivating, with Ethereum whales leading the charge by accumulating a staggering $124 billion worth of ETH. This bullish trend, combined with a surge in new wallet creations and positive market sentiment, positions Ethereum for potential growth and recovery.

At NFTpay, we’re not just spectators; we’re active participants in this exciting narrative.

As Ethereum continues to play a pivotal role in the NFT ecosystem, NFTpay stands at the forefront, making NFTs user-friendly and accessible to all. Our mission is to empower users to embrace the world of NFTs, irrespective of their crypto expertise, and be part of this transformative journey.

Source: News BTC

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