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.

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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.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.