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.
In addition, 10 new wallets withdrew a total of 17,698 ETH (approximately $61.66 million) from Binance following the market’s recovery.
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.
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.
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.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: nexusplexus/123RF // Image Effects by Colorcinch
TRON ended November as the top blockchain by fees, extending its dominance in payment infrastructure…
Prediction markets just locked in another breakout month. November closed with $14.3 billion in total…
Trust Wallet is stepping into a completely new lane. The CZ-owned self-custody wallet has launched…
Kraken has announced the acquisition of Backed, the tokenization platform behind some of the fastest-growing…
Sui Pauses & AVAX Rebounds While Zero Knowledge Proof’s 200M Daily Presale Auction Goes Live,…
Europe just shut down one of crypto’s longest-running shadows. Germany and Switzerland, backed by Europol,…