The Ethereum network's major wallet holders have purchased a sizable amount of the alternative coin. Whales with one million or more ETH have amassed 3.5 million more during the past month.
Ethereum whales are frantically accumulating ETH
Data from the cryptocurrency intelligence tracker Santiment (1) shows that from September 11, Ethereum whale addresses have begun to amass ETH. addresses of large wallets that may store a million or more A total of 3.5 million extra ETH have been added to the portfolio of Ethereum. There are 132 such addresses at the moment.
The most recent wave of Ethereum investment represents a 14% rise in whales' billion-dollar portfolio holdings of the cryptocurrency. At the time of writing, the total value of the whale wallets' assets was 28.55 million ETH, or almost $36 billion. Previously, Santiment revealed that addresses owning between 100 and 1 million ETH tokens, known as Ethereum sharks and whales, had started liquidating their holdings.
What happened next?
Shortly after the Merge (2), which saw Ethereum switch from proof-of-work to proof-of-stake, the redistribution trend began. ETH's dramatic loss following the Merge didn't deter experts, as the cryptocurrency has since recovered beyond the $1,200 mark.
Over the last thirty days, the price of Ethereum has mainly not altered. Redistribution patterns and whale buildup are frequently seen as positive indicators for an asset. The network's performance in fee generation has reached a one-month high, which is another important metric. These elements will probably raise the asset's price.
Ethereum: The era of accumulation
Analysts assessed the price movement of Ethereum and forecasted that the asset is close to the $1,300 mark and in the accumulation phase. As Ethereum emerges from its downturn and enters the "buy zone," BitQueen, a pseudonymous crypto expert, thinks now is the best moment to acquire ETH tokens.