Whales in the Ethereum market have been accumulating ETH at current price ranges, suggesting they may know something about the market’s future prospects. On July 1st, a large investor bought $15.2 million worth of ETH just before its price started recovering from concerns about the SEC’s comments on Spot Bitcoin ETF prospects. Additionally, a whale recently deposited $36 million worth of USDT to Binance and then withdrew $15.9 million worth of ETH shortly after. This indicates that the whale is buying ETH at a low point. Another address associated with the whale purchased almost 2,922 ETH for around $4.75 million USDT and added a further 3,076 ETH worth around $5 million USDT. The 1inch Investment Fund currently holds approximately $20.5 million in ETH. While Ethereum’s price has been trending lower in recent weeks, the accumulation by whales suggests a potential turnaround.
AI Sentiment: Positive
