Ethereum On-Chain Data Promising as ETH Reaches 18-Month Highs Amid Whales Accumulating Over $45 Million in 5 Days
Ethereum’s price has climbed to $2,349 this week, its highest level since June 2022, according to crypto analytics firm Santiment. The long-term trend of top non-exchange Ethereum whale wallets getting richer while top exchange whale wallets have less selling power “is a promising combo for a continued climb,” Santiment stated.
Source: Santiment – Start using it today
Signs of Renewed Investor Interest
On-chain data indicates renewed investor interest in Ethereum. According to crypto intelligence company Spot On Chain, major crypto investment firms HashKey Capital and QCP Capital have accumulated over $45 million worth of ETH from exchanges in the past few days.
Specifically, Spot On Chain noticed that an Ethereum wallet likely associated with HashKey Capital withdrew 7,832 ETH worth $18.2 million from Binance and OKX exchanges at an average price of $2,323 over the past 19 hours. Over the last three days, this wallet has accumulated 16,838 ETH totaling $38.1 million.
In addition, Spot On Chain found that QCP Capital has accumulated 1,349 ETH totaling $3.16 million from Binance and FalconX exchanges at an average price of $2,340 over the past 6 hours. Over the past five days, QCP Capital has accumulated 4,927 ETH worth over $11 million.
Read also:
- Chainlink Could Finally Rebound from Here as 17K Addresses Buy 47 Million LINK at Crucial Support
- Whales Panic, Dump Over $3.5 Million ORDI Following Vulnerability Announcement in the Incoming Bitcoin Core Upgrade
- Overlooked Bitcoin (BTC) and Cardano (ADA)? Explore This Top Crypto Opportunity in 2023
This significant ETH accumulation from major crypto institutions signals renewed confidence in Ethereum’s long-term potential. As prices reach 18-month highs, large investors appear to be stocking up on ETH in anticipation of further gains. With whales continuing to build their positions, Ethereum’s price uptrend looks poised to continue.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
