ETH whales are setting up conflicting pressures, a mix of building treasuries and selling to lock in profits
The post ETH whales are setting up conflicting pressures, a mix of building treasuries and selling to lock in profits appeared on BitcoinEthereumNews.com. Ethereum (ETH) moves forward, driven by two opposing trends. Long-term buyers are positioning with growing treasuries, while sellers still try to lock in profits. Ethereum (ETH) is still flowing into treasuries, with large-scale whale buying. ETF are also adding to the demand, with up to 117K ETH bought up on the most active days. ETH rose to levels not seen since 2021, but caused older whales to take profits. | Source: Coingecko The buying did not stop as ETH recovered to levels not seen since 2021. ETH jumped additionally in a late Sunday rally, to trade at $4,320.55, stabilizing at 0.035 BTC. Even the local price peak has not stopped accumulation from several sources, far exceeding the new token creation from block producers. ETH has an inflation of 0.78% annualized, but at the current rate, the actual supply of available ETH is shrinking fast. Mysterious whale builds notable treasury As Cryptopolitan previously reported, a new treasury is taking shape in the past week, with constant buying from both OTC and open market sources. The institution kept buying from its previous commitment to hold 171K ETH. The same whale added another 49,533 ETH near the recent local top, to hold a total of 221,166 ETH. The ETH is then parked in several connected wallets, with addresses containing between 42,013 ETH and 29,772 ETH. The treasury is not entirely reflected on-chain among large holders, as the proceeds are not parked in the same address. Currently, the whale has not moved any of the ETH or staked it. The entity is not yet identified, but speculations connect it to the top treasuries of BitMine or SharpLink Gaming. Corporate buyers are taking a new approach to storing ETH, unlike early buyers or ICO treasuries, which keep all coins on the same address. Security concerns…
The post ETH whales are setting up conflicting pressures, a mix of building treasuries and selling to lock in profits appeared on BitcoinEthereumNews.com.
Ethereum (ETH) moves forward, driven by two opposing trends. Long-term buyers are positioning with growing treasuries, while sellers still try to lock in profits. Ethereum (ETH) is still flowing into treasuries, with large-scale whale buying. ETF are also adding to the demand, with up to 117K ETH bought up on the most active days. ETH rose to levels not seen since 2021, but caused older whales to take profits. | Source: Coingecko The buying did not stop as ETH recovered to levels not seen since 2021. ETH jumped additionally in a late Sunday rally, to trade at $4,320.55, stabilizing at 0.035 BTC. Even the local price peak has not stopped accumulation from several sources, far exceeding the new token creation from block producers. ETH has an inflation of 0.78% annualized, but at the current rate, the actual supply of available ETH is shrinking fast. Mysterious whale builds notable treasury As Cryptopolitan previously reported, a new treasury is taking shape in the past week, with constant buying from both OTC and open market sources. The institution kept buying from its previous commitment to hold 171K ETH. The same whale added another 49,533 ETH near the recent local top, to hold a total of 221,166 ETH. The ETH is then parked in several connected wallets, with addresses containing between 42,013 ETH and 29,772 ETH. The treasury is not entirely reflected on-chain among large holders, as the proceeds are not parked in the same address. Currently, the whale has not moved any of the ETH or staked it. The entity is not yet identified, but speculations connect it to the top treasuries of BitMine or SharpLink Gaming. Corporate buyers are taking a new approach to storing ETH, unlike early buyers or ICO treasuries, which keep all coins on the same address. Security concerns…
What's Your Reaction?
