Whales of Ethereum (ETH) have started buying in bulk, with huge wallet holders amassing sizable holdings of the cryptocurrency. This action is a reaction to the recent decrease that most cryptocurrencies had over the weekend, including ETH.
Analysts had anticipated that Ethereum was in a strong position to surpass its previous all-time high before to the market slump. But the currency had an unanticipated turn, falling below $2,800, its lowest point since February, a decline of more than 19% from Friday to Saturday.
The whales have seized the chance to purchase the dip in spite of this setback. An on-chain analyst on X named Lookonchain conducted an analysis that showed that a specific whale address paid $3.15 million to purchase 1,000 ETH from Binance. Unfazed, the whale proceeded to spend a further $25 million to amass 8,300 ETH during a market decline, demonstrating the hope and assurance these substantial wallet owners maintained.
Another report from the same on-chain researcher confirmed this trend, revealing that another whale had spent 70 million USDC to buy 23,790 ETH at $2,942 following the coin's decline. Furthermore, the on-chain expert disclosed that the wallet owner might potentially purchase additional coin. This action demonstrates these whales' tenacity and commitment in the face of market turbulence even more.
The Approval of a Hong Kong ETF Drives Up the Price of ETH
The Ethereum market has had a bullish comeback, gaining more than 14% in the last 48 hours, suggesting that the whales' perseverance in buying is paying off. Furthermore, the whales' confidence in their ongoing purchases was fueled by their expectation that the Securities and Futures Commission of Hong Kong will allow spot ETFs for Bitcoin and Ether this week—a hope that has already been realized.
With the permission of the crypto regulator, bullish momentum has increased even more, and the coin is currently trading above $3,200 and continuing its upward path. Since the announcement, it has also increased by an extra 2%. Large financial institutions will be able to invest more extensively in the coin as a result of the approval, which could lead to an increase in the coin's market value during Asian trading hours. A cryptocurrency analyst with over 40,000 followers on X KatieePCrypto.pls, who commented on the coin's acceptance, predicted a positive reaction following this development. Tradesmen should therefore be ready. She said:
"ETH ETFs were just approved in Hong Kong, and $20k worth of Ethereum was programmed." Get ready for an enormous bull run."
April 2024, Cryptoniteuae