Ethereum Whales Spend $185 Million To Accumulate 70,000 ETH, Time To Buy?

Ethereum Whales Increase Holdings As Price Mirrors Bitcoin, Could a Breakout Await?

Ethereum has largely mirrored Bitcoin in terms of price action and has yet to breakout on its own accord in the past few months, according to price data, Ethereum is up by 13% in the past seven days, outpacing Bitcoin’s increase of 5.8% in the same time frame. Behind this interesting increase in Ethereum are some large Ethereum holders who seem to be increasing their holdings.

Notably, on-chain data from multiple analytics platforms, including Glassnode, suggest large holders of Ethereum have added at least 70,000 ETH into their wallets since the beginning of last week.

Ethereum Whales Spend Big on ETH

The interesting Ethereum whale activity is revealed through the on-chain analytics platform Glassnode. As shown in the chart below, the number of Ethereum wallets holding 10,000 ETH or more has experienced a rise in the last 24 hours, increasing to 925 wallets.

This marks a gain of about seven new whale wallets that have accumulated a huge number of ETH tokens, up from the 918 wallets recorded on September 18th.

Activity Spikes Further

According to Glassnode, a surge in the number of wallets holding massive amounts of Ethereum (wallets containing 100K ETH+) has occurred between September 20th-22nd. The following chart visualizes this massive spike.