According to data from the crypto sentiment platform Santiment, Ethereum whales have been increasing their ETH purchases since Ethereum fell to its annual low in April.
Santiment stated in a post on X on Wednesday: "They have increased their token holdings by 14.0% over the course of five months," referring to whale holders with between 1,000 and 100,000 ETH, valued between $4.41 million and $440.81 million.
According to CoinMarketCap data, Ethereum (ETH) is currently trading at $4,376, up 197.30% from its annual low of $1,472 on April 9.
Crypto market participants often pay attention to whale activity to gauge sentiment, as sell-offs may indicate bearishness, while accumulation may suggest bullishness and expectations for higher prices.
However, not all whales have timed the market well. Some sold near the bottom and ended up buying back at higher prices.
On May 22, a crypto wallet spent $3.8 million to purchase 1,425 Ethereum, having previously sold 2,522 ETH for $3.9 million in April when the asset was trading at around $1,570.
Many attribute Ethereum's surge primarily to increased ETF inflows and growth in ETH treasury holdings, with the two largest treasury companies—Sharplink Gaming and BitMine Immersion Technologies—making their first purchases in June, when Ethereum was trading between $2,228 and $2,813 that month.
According to StrategicETHReserve data, the largest ETH treasury company, BitMine, currently holds $8.22 billion worth of ETH, while Sharplink Gaming holds $3.69 billion.
Ethereum treasury companies currently hold $15.83 billion worth of ETH, which is approximately 2.97% of the total supply.
Meanwhile, August was a strong month for Ethereum ETF funds, with inflows of $3.87 billion, while Bitcoin ETFs saw outflows of $751 million.
In the same month, Ethereum reclaimed its historical high of $4,878 from 2021, reaching a peak of $4,934 on August 24.
Some expect Ethereum prices to rise even higher. Fundstrat's head of digital asset research, Sean Farrell, stated that ETH could reach between $12,000 and $15,000 by the end of the year.
However, others believe that much of the market's attention will eventually return to Bitcoin.
According to TradingView data, the ETH/BTC ratio, which measures Ethereum's strength relative to Bitcoin (BTC), has fallen by 2.27% over the past seven days.
Blockchain intelligence firm Arkham stated in a post on X on Wednesday: "Institutions are returning to BTC."
"ETFs just sold $135 million in ETH and bought $332 million in BTC," Arkham noted.
Related: River: Corporate clients reinvest an average of 22% of profits into Bitcoin (BTC)
Original article: “Santiment: Ethereum (ETH) whales have increased their holdings by 14% since April price lows”
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