Strategic Accumulation
As Ethereum’s price dipped, “whales” (large investors) jumped at the opportunity to buy. One whale, known as “0x435,” spent a whopping $70 million to acquire 23,790 ETH at a price of around $2,930.
Timing is Everything
The whale’s actions were part of a broader trend of Ethereum accumulation by large holders. On-chain analytics firms revealed that whales have been strategically buying Ethereum amidst the market turbulence.
Institutional Players in the Mix
These whales are not acting alone. Institutional players and sophisticated investors are also positioning themselves for future market movements.
Ethereum’s Price Journey
Ethereum’s price has been on a rollercoaster ride, falling to lows of $2,850 before recovering slightly to $3,107. Despite the volatility, Ethereum remains down 6.05% in the last 24 hours.
Hong Kong Embraces Ethereum ETFs
In a separate development, Hong Kong has approved the trading of Bitcoin and Ethereum cash exchange-traded funds (ETFs). This move sets a precedent and could potentially open the door to similar ETFs in other jurisdictions.
