Whales of the second largest cryptocurrency, Ethereum, are taking advantage of the recent market crash to include more tokens in their portfolios. In recent days, the price of has fallen significantly, trading close to the US$3,430 zone on June 11.
Faced with the drop in prices, large holders took the opportunity to buy more Ethereum tokens, an amount that reaches an impressive US$840 million, as noted by renowned cryptocurrency analyst, Ali Martinez, in an analysis released on June 12.
Whales purchased over 240,000 $ETH during the recent Ethereum price crash, totaling around $840 million!”
Whales have bought over 240,000 $ETH during the recent #Ethereum price dip, totaling around $840 million! pic.twitter.com/j5jnxJul4q
— Ali (@ali_charts) June 12, 2024
It is worth remembering that, in an important development in the market, the second largest cryptocurrency on the market, Ethereum (ETH), reached a milestone in inflows not seen since March amid renewed confidence in the token from whales, who continue to bet big. According to data released by cryptocurrency analytics platform IntoTheBlock on June 10, large Ethereum holders recorded a net inflow of 267,000 ETH tokens on June 6, which marked the whales’ largest daily accumulation since March.
Ethereum also recorded an important performance last week in light of its best week of inflows since March, according to the latest report from CoinShares, released on June 10. ETH saw inflows of $69 million, suggesting a positive reaction towards the approval of spot Ethereum exchange-traded funds (ETFs).
Ethereum on the rise today
Ethereum is on the rise today after showing significant declines in recent days, in line with the broader market. At the time of publication, the price of Ethereum was quoted at US$3,636.99 with an increase of 3.4% in the last 24 hours. Ethereum (ETH) trading volume is $17,424,444,081 in the last 24 hours, an increase of 8.10% compared to the previous days.
The cryptocurrency market has witnessed yet another week of extreme volatility, influenced by significant economic events in the United States. Today after the news that the Consumer Price Index (CPI) remained stable compared to the previous month and rose 3.3% year-on-year in May, the price of bitcoin showed an important recovery, jumping to US$69,600, being traded up 4%. Contrasting with the general trend, Ethereum (ETH) appreciated 3% near $3,650.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/baleias-ethereum-aproveitam-queda-e-compram-us-840-milhoes-eth-em-alta-hoje/
