Large Ethereum whales recently amassed over 947K ETH tokens worth $1B+ in a single day – the fifth-largest daily accumulation in the past year.
Despite the emerging pattern of selloffs that have prevailed amid the market downturn witnessed in the crypto space, large Ethereum whale addresses have recently added 947,940 ETH valued at $1.03B in a day marking the fifth largest daily accumulation the past year.
The ETH tokens accumulated by these whale addresses represent 1.8% of the total ETH supply, as disclosed by the crypto analytics platform Santiment. Notably, the firm observed the massive accumulation in the late hours of Tuesday.
“Ethereum’s large whales (holding $10.9M to $1.09B) have added 947,940 more ETH yesterday worth ~$1.03B. This is the 5th largest single day add in the past year,” Santiment highlighted in a tweet Tuesday.
🐳 #Ethereum's large whales (holding $10.9M to $1.09B) have added 947,940 more $ETH yesterday worth ~$1.03B. This is the 5th largest single day add in the past year. The past 4 instances, $ETH's price vs. $BTC rose an average of +3.2% the following 3 days. https://t.co/g4RdgE0Gzj pic.twitter.com/TVYkj4xVrU
— Santiment (@santimentfeed) November 21, 2022
Ethereum has witnessed accumulations of similar magnitude up to four times in the past year. The first massive accumulation occurred in early April when large whales added 1.85% of the asset’s supply to their balances. The second was noticed sometime in mid-August, with whales amassing up to 1.91% of ETH’s supply – the largest single-day accumulation this year.
The Ethereum community witnessed the third accumulation in early September when the asset was holding steady above the $1,500 price level. The accumulation saw 1.81% of ETH’s supply amassed by large whales. According to Santiment, in the past four instances of this large whale accumulation, the price of ETH against BTC increased by an average of 3.2% three days later.
As ETH shows a consolidation tendency below the $1,200 price territory, while some investors are capitulating out of panic amid the bleeding market and the FTX saga, it appears large whales are on an accumulation spree, as indicated by this metric.
The accumulation pattern is not unique to large whales, as Santiment revealed four days ago that Ethereum sharks and whales had been “aggressively” amassing more ETH tokens in the past two weeks. It indicates what appears to be an elaborate “buy the dip” campaign. The addresses involved had increased their holdings by an average of 3.52% in 12 days.
The Recent Bloodbath Has Not Spared Ethereum
Meanwhile, the past two weeks have not been particularly favorable to ETH’s price action due to the ongoing FTX saga and the market-wide downturn. The asset, trading at $1,600 on November 7, declined by over 31% to a value of $1,100 in just three days.
ETH has been struggling to recover from the recent crash but faces rejections at every attempt. Amidst these problematic conditions, market sentiments have waned, with the Coinbase Premium Index indicating a low buying pressure on US investors. The funding Rate also reveals the dominance of short traders.
Notwithstanding, ETH appears to be getting back on its feet, with a 4.55% increase in the past 24 hours. The recent accumulation trend will likely contribute to its price movements in the short term. ETH currently changes hands at $1,163 as of press time, down 4.36% in the past week.
Prominent analyst il Capo of Crypto, who forecasted the recent market crash, insists that ETH is likely to touch a price point between $600 and $650 before the market will notice a price reversal.