Ethereum Whales Buy up $1 Billion Worth of ETH as Price Lags Behind Bitcoin

Ethereum Whales Buy up $1 Billion Worth of ETH as Price Lags Behind Bitcoin

Time Stamp: January 9, 2024 6:43 PM
Source Node: 2434599

Ethereum ($ETH) whales have accumulated nearly $1 billion worth of the second-largest cryptocurrency by market capitalization in just the last month as the cryptocurrency’s price fails to perform as well as BTC itself.

According to data shared by popular cryptocurrency analyst Ali Martinez, Ethereum whales acquired over 410,000 ETH tokens over the past month as their holdings kept steadily rising throughout the month of December.

Ethereum is at the time of writing trading at $2,300 after losing more than 2% of its value over the past week. Over the last 12-month period the cryptocurrency surged around 78.5% amid a wider cryptocurrency market recovery, while BTC moved up 170% over the past 12 months.

As CryptoGlobe reported, over the last year, cryptocurrency investment products saw inflows of around $2.2 billion, with Bitcoin-focused products making up the lion’s share of these funds, with $1.93 billion coming in from institutional investors.

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When it comes to altcoins, the leading altcoin these investors bet on what the smart contract platform Solana ($SOL), which saw inflows of $167 million during the year, in which it surged by more than 650% as it recovered from the collapse of FTX. Solana’s inflows were above those on investment products focused on the second-largest digital asset, Ethereum.

Nevertheless, some cryptocurrency analysts are bullish on Ethereum. As reported analyst Lark Davis recently said ETH is “going to $10,000, when not if!”

Michaël van de Poppe, another well-known crypto analyst, recently shared his insights on social media, suggesting that Bitcoin might top out around the ETF approval and enter a range-bound phase. This scenario, he believes, signals strength for the rest of the market, including Ethereum, which he predicts could surge to over $3,000.

Featured image via Unsplash.

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