Crypto Whales Accumulate Nearly $1,000,000,000 in ETH In 1 Month

The crypto whales have reportedly accumulated almost $1 billion in ETH in a single month, according to the latest reports. Check out the details about this achievement below.

According to a well-known trader, Ethereum (ETH), the leading smart contract platform, is being rapidly accumulated by crypto whales.

Ali Martinez, an analyst with a social media following of 39,700, reports that in the last month alone, deep-pocketed crypto traders have bought 410,000 ETH, valued at approximately $1 billion.

The trader shares a chart that shows that the amount of Ethereum held in wallets with one million to 10 million ETH has been steadily increasing since early December. As of writing this, Ethereum is trading at $2,219, registering a slight gain for the day.

Martinez has highlighted that Polygon (MATIC), a layer-2 scaling solution, is showing a bullish signal according to the Tom DeMark (TD) Sequential indicator. This indicator aims to identify turning points in a market, with a value of nine indicating a possible reversal.

“Polygon: the TD Sequential presents a buy signal on MATIC four-hour chart. A spike in buying pressure around the current levels could see MATIC rebound, potentially toward $0.88, and even as high as $0.96.”

Currently, MATIC’s value is $0.781. Wrapping up his analysis on Bitcoin (BTC), Martinez remains optimistic about the top cryptocurrency as long as it stays above its immediate support level.

“As long as Bitcoin maintains its position above $41,800, the outlook remains bullish. This crucial level is bolstered by 2.41 million addresses holding over one million BTC, forming a substantial support zone. Additionally, the resistance ahead appears relatively minor, further strengthening the potential for stable or rising prices.”

Not too long ago, we also reported the fact that the now-defunct cryptocurrency lending platform, Celsius, is set to sell around $500 million worth of Ethereum (ETH), as per on-chain data.

The platform used to offer customers yield on their crypto deposits, but it collapsed after it was accused of mishandling customer assets.