- Whales continued to stockpile ETH despite being under water.
- Majority of whale positions were longing ETH in derivatives markets.
Ethereum [ETH] sank 4.73% over the last 24 hours of trading, reversing the bullish momentum which it gathered following Bitcoin’s halving. The second-largest cryptocurrency was exchanging hands at $3,125 as of this writing, according to CoinMarketCap.
The slump however, failed to influence the market behavior of whale investors, as the latter still seemed bullish on ETH’s prospects.
Whales buy ETH’s dip
According to on-chain tracking platform Spot On Chain, whales accumulated hefty amount of ETH in the last 24 hours.
A particular wallet with address 0xe0b snapped 1,524 stETH at an average price of $3,159. With this grab, the wallet owner pushed their total stETH holdings beyond $10 million, earning an estimated 3.42% profit.
In a bigger purchase, a whale amassed 7,128 ETH, worth $22 million at prevailing prices, at $3,111. The wealthy investor reportedly sat on a huge $482 million worth of ETH stash.
As of this writing, the holder was in a state of unrealized loss.
Supply held by top addresses increase
These were not isolated developments though. According to AMBCrypto’s analysis of Santiment’s data, ETH whales upped their transaction activity in the last 2-3 days, as seen by the jump in large transfers exceeding $100k.
Moreover, the share of total supply held by top addresses rose from 41.37% on the halving day to 41.45% on the 24th of April, suggesting accumulation by whales.
Source: Santiment
Whales still betting on ETH’s rise
On the derivatives markets too, majority of the whales were bullishly positioned. About 63% of the total whale positions on Binance were long on ETH, as per AMBCrypto’s analysis of Hyblock Capital data.
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Though, it was worth mentioning that the long exposure came down after the halving.
The market sentiment leaned towards greed, indicating the possibility of increase in buying pressure in the days to come. This could support ETH’s rebound in the days ahead.
Source: Hyblock Capital