Whales are buying a lot of Bitcoin and Ethereum, which indicates their huge confidence in their future.
Arkham Intelligence on-chain data showed that institutional participants and high-net-worth wallets have been particularly active in the last few days.
Massive Ethereum Accumulation by Whales and Institutions
Last week, a significant Ethereum whale accepted a 12,000 ETH transfer worth approximately $45.47 million by Galaxy Digital. This wallet only has 112,972 ETH, or, according to the estimation, more than $426.7 million in value. It has received more than 100,000 ETH in the last seven days of trading, which shows that the trend of large buyers is continuing.
Various wallets sold 10,141 BTC to Anchorage Digital, which amounts to around $1.19 billion in nine hours. Nine new wallets have bought about 640,646 ETH since July 9, and the total amount invested amounted to $2.43 billion. To prove the increased institutional demand, three wallets alone added an additional 74,207 ETH on Thursday.
The price of Ethereum reached a peak on Monday, rising 52.2 percent in the last 30 days to an all-time high of 3,940.66. Upon writing this, it is trading around 3,817, a 1.81 percent increase over the previous 24 hours.
Bitcoin Whale Activity Indicates Bullish Momentum
The whales also collect Bitcoin very fast. The recent sell-side risk ratio stands at a low 0.24, with less pressure on the sellers. The accumulation trend score of BTC has gotten close to 1.0, which indicates heavy buying by institutions and whales.
The current highest price of Bitcoin was recorded on July 14, which was recorded at 123,091, only to later decline by a margin of 118,000. The current decline has not deterred the whales, who nonetheless accumulate more BTC. There is also evidence of a significant rise in long-term holdings and declining flows to exchanges based on data.
Corporate Treasuries Boost Ethereum Holdings
According to Standard Chartered Bank, corporate treasury firms have purchased 1.26 million ETH in the last two months. This constitutes 1 percent of the total ETH circulating. The bank’s head of digital asset research, Geoffrey Kendrick, has said that ETH treasury holdings may even reach 10 percent.
BitMine (BNMR) heads all the ETH treasuries, holding 625,000 ETH worth more than 2.3 billion dollars. SharpLink Gaming (SBET) is next with ETH more than 438,000. The most recent purchase of 77,210 ETH by SBET surpasses the whole issuance of Ethereum in June.
Kendrick predicts that more participants will join the ETH treasury acquisitiveness, applying the same logic to Bitcoin as observed through the acquisition by other companies such as MicroStrategy. When asked why he thinks ETH is more useful than BTC, he says that it has staking rewards and DeFi capability.
