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In a significant market movement, an Ethereum whale has withdrawn 5,160 ETH tokens valued at approximately $20 million from Binance.
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This transaction underscores a broader trend of whale accumulation following a recent price correction in Ethereum.
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According to Lookonchain, this rising trend in ETH holdings signals considerable confidence among large investors as they capitalize on lower prices.
Ethereum whale withdraws $20 million worth of ETH, indicating strong accumulation trends among large holders despite recent price volatility.
Whales Continue Accumulating ETH Amid Market Corrections
As observed by on-chain analytics firm Lookonchain, significant accumulation by Ethereum whales has been noted following recent price fluctuations. A notable transaction involved a whale creating a new wallet to withdraw 5,160 ETH tokens from Binance, equating to a substantial withdrawal of approximately $20 million. This accumulation is indicative of large holders’ confidence in the market, particularly as long-term holders see a favorable uptick in profitability.
Source: Santiment
The MVRV (Market Value to Realized Value) ratio for Ethereum has seen consistent growth, rising from 5.17% to 8.56% over the last week. This increase reflects not only confidence in the market but also a growth in profitability for long-term holders, further encouraging whales to accumulate ETH.
Current Market Sentiment: Analyzing ETH Price Movements
Recent analysis from COINOTAG indicates that Ethereum is experiencing strong bullish sentiment as big holders increase their positions. The volume of ETH being transferred from exchanges has notably risen, demonstrating increased buying pressure that aligns with accumulation trends among large holders.
Source: IntoTheBlock
Notably, Ethereum’s outflow volume from exchanges has surged from $1.56 billion to $3.89 billion in just one week. Such a substantial increase implies that more investors are moving their ETH tokens into private wallets, indicating a long-term bullish outlook.
Source: Cryptoquant
Alongside this, the exchange supply ratio has dipped from 0.1468 to 0.143, further demonstrating the bullish sentiment wherein more investors are opting to hold their assets off exchanges, supporting the bullish market outlook.
Source: IntoTheBlock
Moreover, the netflow of large holders has skyrocketed from a negative 7.16k to a positive 48.96k in just 24 hours. This remarkable change highlights an influx of capital into Ethereum, reinforcing the overall bullish narrative.
Read Ethereum’s [ETH] Price Prediction 2024–2025
In summary, the ongoing trend of accumulation among Ethereum whales showcases a strong bullish sentiment within the market. With significant capital inflows and a noteworthy disinflation of ETH supply on exchanges, Ethereum is well-positioned for potential price recovery. If current trends persist, ETH could be poised to reclaim the $4,000 mark in the near term, with critical support at $3,713 if a downturn occurs.
Conclusion
In light of the factors discussed, Ethereum continues to demonstrate promising signs of recovery as large holders actively accumulate the asset. Such bullish activity among whales indicates a strong underlying market sentiment, potentially setting the stage for a rebound above $4,000 if buying trends persist.
