- Whales accumulated large amounts of ETH and continued to HODL.
- Retail investors also showed interest in ETH, but the network's growth slowed.
Ethereum Price [ETH] Its sharp rise over the past few weeks has increased optimism among traders and holders, most of whom have benefited from this surge in price.
The whale begins to hold
According to data from Lookonchain, big investors are strategically betting on the Ethereum ecosystem.
The whale had accumulated a significant amount of the altcoin even before news broke that the SEC had approved an ETH-linked ETF.
The purchase consisted of 8,733 ETH at $3,054.56 per token, representing a total investment of $26.67 million USDT, which resulted in the whale holding an unrealized profit of $6 million at the time of writing.
Capitalizing on the positive sentiment surrounding the SEC approval, the whale then dove deeper into the Ethereum ecosystem by investing $24.7 million into various tokens within the ecosystem.
Whale interest in ETH suggests that major investors see great value in the altcoin king, which could lead to more investors buying up and pushing the price higher.
This could lead to a positive feedback loop for ETH in the future.
Source: X
But whales weren't the only ones showing interest in ETH: AMBCrypto's analysis of Santiment data revealed that retail investors have also accumulated significant amounts of altcoins.
The cohort of addresses holding 0-1 ETH showed a significant increase in accumulation.
More buyers in the market can put upward pressure on prices.
Larger pools of ETH traded by retail investors increase liquidity, making it easier to buy and sell without significantly affecting the price, and reducing the centralization of ETH.
Source: Santiment
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What is the situation with ETH?
At the time of writing, ETH was trading at $3,814.18, with the price increasing by 1.16% over the past 24 hours. ETH trading velocity has also spiked, suggesting an increase in the number of transactions.
However, network growth has been declining, suggesting that new users were not keen to purchase the king of altcoins at the time of writing.
Source: Santiment
