The second-largest cryptocurrency by market capitalization, Ethereum (ETH), has drawn attention from whales through the recent dip in its price. Whales were immersed in the mass accumulation of ETH as the general cryptocurrency market is in decline move.
Ethereum Accumulation Gather Up Pace
Ethereum whales, who hold massive amounts of the cryptocurrency, have been accumulating more Ethereum since its price dipped below the psychological support level of $1,200. The FTX exchange caused a spread of contagion to top cryptocurrency entities, negatively influencing Bitcoin, Ethereum, and altcoin prices.
According to Whale Alert, whales are aggressively accumulating Ether, the report showed that whales had moved almost 400,000 ETH from several crypto exchanges. Despite the recent price dip, it illustrates that $445 million has been transferred to many unknown wallets. Whales recently moved $333 million worth of Ether from Upbit. The most significant transaction involved the addition of $129.1 million worth of Ether. Furthermore, a whale has amassed 99.99K ETH from the Bitfinex crypto exchange and the recorded transaction is worth about $12.4 million.
Ethereum’s Trading Activity
Although the price of ETH has been trading at levels last seen in June, on-chain data revealed that HODLers have increasingly accumulated the leading altcoin since November 6. CryptoQuant data summarizes that the coin’s exchange reserve has been consistently declining, this indicates that fewer ETH sell-offs have taken place since FTX’s collapse, and more investors have bought than sold.
Ethereum’s trading volume has skyrocketed to over $13.1 billion in the last 24 hours, indicating a more than 100% increase in the last day. The Ether token is gliding around $1,102.74 as of the time of writing, indicating a 2.51% drop from the previous day. In addition, the token has suffered a 12.09% drop in value over the past seven days and its market cap is currently at $134.95 billion.