Ethereum Whales Buy $4.78B in ETH Since July, But Is It a “Bagholder’s Dilemma”?
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- Ethereum gained 22% in a week, closing in on its $4,900 all-time high.
- Over 1.1 million ETH worth $4.78B accumulated by whales and institutions since July 10.
- A single entity amassed 221,000 ETH in 7 days, now holding $116M in unrealized profit.
Ethereum has resumed its rally, climbing nearly 2% in the last 24 hours to cap an impressive 22% weekly gain. Now just 12% away from its $4,900 all-time high, the move appears to be fueled by a massive accumulation trend among the market’s largest players.
Why the big move? This ETH rally is part of a larger market shift. Here’s our report on Bitcoin’s dominance dropping, that has fueled an altcoin market rally led by Ethereum.
Whales Love ETH
On-chain data reveals a striking accumulation trend that began on July 10. According to blockchain analyst @EmberCN, over 1.1 million ETH, valued at approximately $4.78 billion, has been acquired by unidentified whales and institutions at an average purchase price of $3,584.
The post Ethereum Whales Buy $4.78B in ETH Since July, But Is It a “Bagholder’s Dilemma”? appeared first on Coin Edition.
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