Whales That Started the Previous Ethereum Bull Run Are Back in Action! What Does It Mean for ETH?

Ethereum (ETH) has been more prominent than Bitcoin (BTC) in recent days. At this point, as institutions are rapidly switching from Bitcoin to ETH, million-dollar purchases are coming one after another.

This suggests that Ethereum is gaining bullish momentum amid rising institutional inflows.

Cryptocurrency market analysis firm 10X Research has noted in its new analysis that Ethereum is currently trading above both its 7-day and 30-day moving averages, indicating strong bullish momentum.

ETH gained 3.6% last week, driven by $148.5 million in ETF inflows. BlackRock’s spot ETH ETF ETHA remains the market leader with $4.6 billion in assets under management (AUM).

In other news, BitMine Immersion Technologies raised $250 million to implement an ETH-based treasury strategy, while SharpLink Gaming recently purchased $22.8 million worth of ETH, a sign of growing institutional demand and renewed investor confidence.