Markets
Ethereum Whales on $2.45 Billion Buying Frenzy Amid Market Volatility
Ethereum whales have been on a massive buying spree lately. In just three weeks, they raised more than 700,000 ETH, worth $2.45 billion, according to On-chain analyst Ali Martinez.
This accumulation occurred during a period of wild crypto price swings that triggered more than $215 million in forced trader liquidations, including $50.61 million from bets on Ether.
The whales’ huge Ether purchases coincided with a volatile period for Ethereum, the second-largest crypto. ETH prices fell to $3,368 on June 14 before recovering to around $3,500 in the following days. The price movements crushed traders, both on the long and short side, by automatically closing their positions when they ran out of funds to back their bets.
Although Ether is still up 2.31% over the past day to $3,565 at press time, it had already suffered a weekly decline of 2.96%. Derivatives markets were bracing for further declines ahead of last Friday’s options expiration, based on bearish trading data.
Although the market turmoil has caught many people off guard, blockchain indicators suggest the situation may be stabilizing. A key indicator that tracks investors’ cashed-in profits climbed before flattening, in what analysts see as a potential sign of easing selling pressure between $3,400 and $3,600.
In addition to the long-term bullish outlook, a Spot ETF for Ethereum could be launched on July 2, according to Eric Balchunas.
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