Ethereum Whales Rapidly Accumulate ETH Amid Price Decline

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Ethereum Whales Rapidly Accumulate ETH Amid Price Decline - NewsBTC

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However, history suggests these funds may act as a headwind for Ethereum at first, similar to the fate that Bitcoin suffered immediately after the Spot Bitcoin ETFs launched earlier this year. Related Reading: Analyst Says Solana Price Will Surge 1,000% To $1,800, Here’s When Bitcoin experienced significant price declines, largely thanks to the outflows from Grayscale’s Bitcoin Trust (GBTC).

This comes amid a price decline in ETH’s price, with history suggesting that the crypto token might suffer more price declines in the short term. Whales Accumulate More ETH Data from the market intelligence platform IntoTheBlock shows that Ethereum Whales bought 297,670 ETH ($1 billion) on July 24.

As such, it is no surprise that Ethereum whales continue to accumulate the crypto token in anticipation of higher prices from ETH. The Spot Ethereum ETFs Launch Might Be A Headwind At First The Spot Ethereum ETFs were projected to be the catalyst that would spark a massive rally in ETH’s price, and that is likely to happen at some point.