It’s been revealed that Ethereum whales keep accumulating digital assets these days. Check out the latest reprots about hte issue below.
Crypto insights firm Santiment said that deep-pocketed Ethereum investors have started aggressively accumulating ETH after four months of inactivity.
The market intelligence firm said that whales that are holding between 1,000 and 10,000 Ethereum have suddenly added a combined 142,000 ETH.
The online publication the Daily Hodl notes that the accumulation spike comes after a nearly four-month-long stagnation period dating back to the end of last year.
“Ethereum’s key stakeholders are showing some accumulation, adding 142,000 more ETH to their bags over the past 10 days. After a long dump going back to mid-December, this is the most sustained level of accumulation we’ve seen in over four months.”
Santiment said that Binance Coin (BNB) whales have also boosted their purchasing activity recently, which according to the firm, could be a sign of an upcoming price reversal.
“Binance Coin has seen its largest grouping of whale transactions since early March. When $100,000+ transactions spike, as they are now, it typically foreshadows price direction changes. Be cautious, as the largest spike occurred at a local top.”
Regarding the price of ETH these days, at the moment of writing this article, ETH is trading in the red and the coin is priced at $2,795.
Ethereum flashed bullish signals
Crypto analytics firm Santiment noted that the amount of unique addresses interacting on the Ethereum network this week has improved as ETH’s price has moved downwards.
The firm says the increase in daily active addresses has created an “upward trend and bullish divergence” for ETH.
“Utility growing while prices drop is a strong case for prices turning positive.”
The firm noted that this indicates the fact that “key stakeholders” are taking notice of ETH. Santiment also said that Ethereum has displayed a tight correlation to the equities market.