Recent data indicates that Ethereum (ETH) whales have been actively accumulating the cryptocurrency amid the current price dip. Several key findings suggest that the whales are capitalizing on the discounted ETH prices:
1. BlackRock, a major Bitcoin ETF, purchased $109.9 million worth of ETH on August 6th, a significant increase from the $47.1 million it bought the previous day.
2. BlackRock had halted accumulation on August 2nd due to intensifying sell pressure but resumed on August 5th.
3. The net buying pressure on August 5th was $98.4 million, compared to $48.8 million the previous day.
The increase in buying pressure over the last two days signals a return of confidence after the recent crash and indicates that ETFs are taking advantage of the ETH price discount.
However, not all ETFs have been accumulating. The Grayscale ETHE ETF, which has the highest annual fee at 2.5%, contributed $39.7 million worth of sell pressure on August 6th. Outflows have notably reduced compared to the last week of July, indicating a decrease in selling at discounted prices.
An analysis of ETH concentration before and after the crash reveals that whales have added to their holdings during the dip. Seven days ago, whales owned 42.19% of the total ETH supply, while investors held 9.09% and retail traders held 48.72%. The latest data shows that whales now hold 42.47% of the supply, while investors and retail traders hold slightly less.
Further analysis of address holdings suggests that there are currently five addresses owning over 1 million ETH, while the number of addresses holding between 100,000 and 1 million ETH has decreased from 93 to 92. The category of addresses holding between 10 and 100 ETH saw a net positive increase from 281,750 to 282,530.
In conclusion, the recent whale movements and address holdings data indicate that Ethereum whales are actively accumulating the cryptocurrency amid the current price dip, suggesting that they believe the current prices offer a good buying opportunity.
