Ethereum Whale Accumulation Reaches Highest Rate In 2 Years

It’s been revealed that despite the latest troubled events involving the crypto exchange FTX, there are still bullish moves that take place in the crypto space. Ethereum whale accusation has reached the top rate in the past two years. Check out more details below.

According to the latest reports, an important market intelligence firm finds that Ethereum (ETH) whales are gobbling up ETH at the highest rate seen since 2020.

According to crypto analytics agency Santiment, really wealthy Ethereum investors are snapping up ETH at a significant rate.

Accoridng to the latest data revealed by the online publication the Daily Hodl, Santiment says the last accumulation event like this that happened in 2020 sparked a massive rally that saw ETH rise by 50% in just over a month.

“Ethereum’s active shark and whale addresses continue accumulating with prices less than a quarter of their all-time high levels a year ago. In Oct/Nov 2020, these 100 to 100,000,000 ETH addresses assisted in pushing ETH to a +50% price rise over 5 weeks.”

It’s also worth noting that according to the same publication, earlier this week, Santiment found that ETH whales devoured a staggering $1.03 billion worth of Ethereum in just one day. This is important to mention because it represents the fifth-largest single-day purchase by the largest group of whales in the past year.

There is a popular crypto analyst who says that the leading smart contract platform Ethereum (ETH) is going back to its pre-bull run price level.

In a new strategy session, Benjamin Cowen said that the price of Ethereum will likely return to $600 for the fifth time.

“We’ve talked about this throughout this year, and the general expectation is that Ethereum goes through a series of bull runs, but It ultimately just heads home at the end of the day, and that’s back to its logarithmic regression band fit to “non-bubble data,” and we’re sort of seeing that same trend take place for the fifth time…”

Check out more details about the price prediction of ETH in our previous article.