Unexpected Savings Craze From Ethereum Whales – Could A Price Rise Come?

Large Ethereum whales recently amassed more than 947,000 ETH tokens in a single day, making it the fifth largest daily accumulation in a year.

Despite the selling pattern that emerged amid the market downturn witnessed in the crypto space, major Ethereum whales recently bought 947,940 ETH worth $1.03 billion in one day.

As explained by crypto analytics platform Santiment, ETH tokens accumulated by whale addresses represent 1.8% of the total ETH supply. Santiment especially large accumulation late Tuesday observed.

“Ethereum’s big whales added another 947,940 ETH yesterday, worth about $1.03 billion. This is the 5th largest log addition last year.”

Ethereum whale address count

Ethereum has seen similarly sized accumulations four more times in the past year. The first major accumulation took place in early April, with large whales adding 1.85% of the asset’s supply to their balance. The latter was spotted in mid-August and whales collected 1.91% of their ETH supply.

Koinfinans.com As we reported, the Ethereum community witnessed its third accumulation in early September, when the asset remained stable above the $1,500 price level. According to Santiment, in the last four examples of this massive accumulation of whales, the price of ETH against BTC increased by an average of 3.2% three days after the purchases took place.

Besides these, ETH is trending to consolidate below the $1,200 price zone. While some investors are panicking to surrender in declining market conditions, according to this metric, it seems that big whales are on a saving spree.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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