Shamii

06/18 06:55

Following last weekend’s big whale buying, increas

Following last weekend’s big whale buying, increased ETH ETF inflows, and institutional adoption, ETH could be set for a major breakout.



Whales grabbed around $2.5 billion in ETH last weekend, the largest daily splash since 2018.

ETH inflows are skyrocketing alongside financial services and fintechs building on the Ethereum blockchain.

Whales (ETH holders between 1K and 10K) have amassed the largest amount of ETH in a single day since 2018. That’s a whopping $2.5 billion in ETH absorbed by whales, as Glassnode data shows quite clearly.

That sharp spike higher on the histogram confirmed this record-breaking change in whale net position. It was a reflex, reflecting the same type of accumulation seen in 2017, right before Ethereum’s big rally.

  The whale supply began to grow rapidly as it passed the 14 million ETH level after a multi-year decline.

Meanwhile, the price action of ETH was declining, indicating that the whales were leading the retail trade in a hidden accumulation game.

Previous episodes of this kind of whale accumulation were followed by a significant bull run in ETH. If the pattern continues the same trend as in 2017, a huge breakout in price could be in the offing.

The chart confirmed the growing confidence of the whales, so it was possible that a hurricane would follow the low retail action. A historic move could be in the offing from ETH.



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