Ethereum whales are back in action, taking advantage of the market’s recent dip to make significant purchases. Over the last 96 hours, whales have accumulated 340,000 ETH, worth over $1 billion.
Ethereum fees have declined by 80% in ETH terms over the past three years, leading to less ETH being burnt pic.twitter.com/vGQuq1YDdC
— IntoTheBlock (@intotheblock) December 20, 2024
In addition, 10 new wallets withdrew a total of 17,698 ETH (approximately $61.66 million) from Binance following the market’s recovery.
10 fresh wallets withdrew 17,698 $ETH($61.66M) from #Binance after the market rebound.
Whales buy the dip!
Address:
0xa7c8823c2d8CAF8C86F1F572Ac6902964c109bb4
0xf2500B6014dfe916B8e7706434e21B5FB2191A15
0x38b866814f278eB1b18f8E2e64612201633A8328… pic.twitter.com/jjlrbSPo86— Lookonchain (@lookonchain) December 21, 2024
The rebound saw Ethereum’s price climb from $3,100 to $3,550—a notable move, though not enough to meet some traders’ expectations. It’s essential to remember that whale buying doesn’t guarantee immediate price surges. Patience is key, as market dynamics often take time to reflect such large-scale accumulation.
Another critical factor influencing Ethereum’s ecosystem is the decline in transaction fees. Over the past three years, Ethereum fees have dropped by 80% in ETH terms.
While this makes the network more affordable for users, it has also led to a decrease in ETH being burned, slightly impacting Ethereum’s deflationary narrative.
Ethereum Spot ETFs Recorded Notable Outflows
On December 20, the Ethereum spot ETF recorded a net outflow of $75.12 million. Despite this, the ETF’s total net asset value stands at an impressive $12.155 billion, with historical cumulative inflows reaching $2.328 billion. This underscores Ethereum’s continued dominance and strong institutional interest in the asset.
Ethereum spot ETF had a total net outflow of $75.1159 million on December 20, and the total net asset value of Ethereum spot ETF was $12.155 billion. The historical cumulative net inflow has reached $2.328 billion. https://t.co/Tvs2oCSxTg pic.twitter.com/accHR00Ko3
— Wu Blockchain (@WuBlockchain) December 21, 2024
As Ethereum whales continue to buy the dip and network metrics evolve, the market remains in a state of anticipation.
The long-term outlook for Ethereum remains promising, as both retail and institutional players recognize its significance within the broader crypto ecosystem. For now, the focus remains on how these recent developments will shape Ethereum’s price trajectory in the coming weeks.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: nexusplexus/123RF // Image Effects by Colorcinch
