An Ethereum whale address bought $300 million worth of ETH over the past few days as 'mega whale' addresses surged in July.
Ether whales continued to buy the cryptocurrency in droves, according to onchain analysts, as ETH recovers from a weekend dip. “Somebody is buying a ton of ETH,” blockchain analytics firm Arkham Intelligence said on Sunday, with one address accumulating $300 million worth of Ether (Onchain holdings of Ether in exchange-traded funds have gone vertical over the past month, surging by more than 40% over the past 30 days,The mega whale cohort is defined by addresses holding more than 10,000 ETH, with more than 200 added since the beginning of July.
Ether prices cooled off over the weekend with a dip below $3,400, but showed signs of recovery on Monday by reclaiming $3,560.“While the labor market’s cooling trend initially spooked investors, the heightened likelihood of monetary easing could soon reverse the sell-off, offering crypto a bullish tailwind as liquidity expectations shift,” director of strategic partnerships at the CoinW exchange, Monika Mlodzianowska, told Cointelegraph.The asset fell by double digits in August 2023 and 2024, but surged a whopping 35.6% during August 2021, which was a bull market year,Is BTC repeating path to $75K? 5 things to know in Bitcoin this week
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