Ethereum whales are significantly increasing their investment in the top altcoin by market capitalization, amassing an impressive $236 million in purchases within just three days.
Despite Ethereum (ETH) maintaining a trading price below $2,000 and facing recent sell-off challenges, large-scale investors show no signs of concern.
On-chain metrics indicate these substantial holders are actively buying the leading altcoin, showcasing robust purchasing behavior.
Crypto analyst Ali Martinez highlighted a surge in whale accumulation of ETH on March 21. According to him, the recent dip below the $2,000 mark allowed these large investors to acquire over 120,000 Ether tokens, valued at nearly $236 million, in merely three days.
As reported by Lookonchain, one notable whale purchased 7,074 ETH, amounting to more than $13.8 million. On-chain data reveals that this whale withdrew 4,511 ETH, worth over $8.81 million, from the crypto exchange OKX and subsequently deposited it into the prominent decentralized finance platform Aave.
The whale’s activities didn’t stop there. They borrowed 5 million USDT from the DeFi protocol, deposited it back into OKX, and used those funds to acquire an additional 2,563 ETH for $5 million.
During this time, Ethereum’s price fluctuated between $1,872 and $2,060.
Currently, ETH trades around $1,966, continuing a sideways trend after a brief bull rally of 7% on Wednesday. Weekly gains now stand at just 1.7%, with buyers facing a 27% decline over the past month.
While the volatile performance has caused panic among some ETH holders, whales have adopted a bold strategy. This indicates confidence in a potential future price increase for Ethereum.
Recently, analysts at Standard Chartered projected that ETH could reach $4,000 by 2025, though this figure was adjusted from a previous, more optimistic forecast of $10,000 by year’s end.
This positive sentiment from the whales seems to be fostering an optimistic mood among retail investors as well.