Whales That Triggered the Previous Bull on Ethereum Are Active Again! What Does It Mean for ETH?

Recently, *Ethereum (ETH) **is becoming more prominent than Bitcoin (BTC). At this point, institutions are quickly transitioning from Bitcoin to ETH, with million-dollar purchases coming in one after another.

This indicates that Ethereum is gaining upward momentum amid increasing institutional entries.

The cryptocurrency market analysis company 10X Research stated in its new analysis that Ethereum is currently trading above both its 7-day and 30-day moving averages and showing strong upward momentum.

ETH gained 3.6% last week due to the impact of a $148.5 million ETF inflow. BlackRock's spot ETH ETF, ETHA, continues to be the market leader with $4.6 billion in assets under management (AUM).

On the other hand, BitMine Immersion Technologies raised 250 million dollars to implement an ETH-based treasury strategy. Additionally, SharpLink Gaming's recent purchase of 22.8 million dollars worth of ETH is seen as a sign of increasing institutional demand and renewed investor confidence.

In addition to 10X Research, Glassnode also announced its analysis of Ethereum. At this point, Glassnode indicated that aggressive whale purchases could enable ETH to reach 3,400 dollars by August.

According to Glassnode, Ethereum whales are expected to drive the ETH price up with their strong buying frenzy.

At this point, the total amount of ETH held by whales with at least 10,000 ETH has increased by 9.31% from 37.56 million in October of last year to 41.06 million as of July 7. These figures also indicate that the accumulation rate during the period from May to September 2022 has nearly doubled.

Analysts pointed out that at this point, whales made similar aggressive purchases between November 2020 and January 2021, that the amount of ETH held by whales increased by 4%, and that the price of ETH then skyrocketed from $460 to $1,220.