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ZyCrypto 2025-02-04 14:55:30

Massive Ethereum Whale Scoops $126 Million ETH, Will Buying Momentum Spike?

Ethereum price continues its rocky patch alongside the wider digital asset market. This phase has seen huge whale offloads, lowering institutional demand in the altcoin for the second consecutive week. At press time, ETH price trades at $2,828, a sharp 12% upsurge in the last 24 hours. Amid plunging numbers, whales have recorded large buys repositioning assets ahead of the next bull run. Whale Buys Huge ETH Holdings In the last 24 hours, several large holders have moved the asset off exchanges to other custodians while others recorded outright buys. Crypto analytics firm, Lookonchain wrote on X that a wallet belonging to “7 Siblings” acquired 5,382 ETH worth approximately $14.5 million. Previously, the whale picked up 45,047 ETH, spending $111 million after the price crashed below $2,500. Overall, the whale acquired $126 million worth of Ethereum, “buying the dip” while retail holders exited the market. This strategy is effective with large holders as they shape general sentiments and usually purchase in dips, anticipating cycle peaks. Lookonchain said 7 Siblings purchased a large amount in August after the price plummeted. The recent acquisition was met with soaring optimism from the community after days in the doldrums. Although the asset continues in the red zone, hourly trading shows signs of a slight jump as accumulation picks up. CryptoQuant researchers expect short-term accumulations signaling slight upticks. “ All players in the accumulation zone have been liquidated. We can see that players have been sidelined due to the decline in the open interest indicator. If we can break above the market breakdown zone, it will be positive. Funding rates were declining but have now started to rise. I believe that those expecting an upward move will be manipulated one last time…” they added. Can Institutional Traders Spark A Price Jump? Recent inflows can help swing Ethereum’s price despite low sentiments from holders and traditional players. Last year, wealth managers tipped the ETH to record the highest growth because of its staking feature and upcoming spot ETFs. However, spot Ethereum ETFs fell below par compared to Bitcoin products , which attracted large numbers. Several analysts opine that institutional holders can mark a turning point with Donald Trump’s inauguration . The altcoin remains in a good position to lead a possible altcoin season as bulls flag a $5K mark. Among reasons for the expected inflow to affect its price is the growing adoption of decentralized finance (DeFi) protocols.