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Analyst: Whale Continues to Accumulate ETH, Potentially Fueling Further ETH Price Appreciation
BlockBeats News, September 4th, according to Decrypt, as whales have increased their accumulation during the recent cryptocurrency market pullback, Ethereum is gradually turning bullish. Analysts say that with continued inflows of institutional funds, ETH may further rise. Data from on-chain analytics platform Santiment shows that whale addresses holding between 1,000 and 100,000 ETH have increased their holdings by 14% over the past five months.
Bitget analyst Ryan Lee stated, "Whales are reallocating their portfolios from Bitcoin (BTC) to Ethereum (ETH), driving Ethereum's upward momentum. At the same time, growing interest in its ecosystem and the upcoming ETF launch are providing support."
According to Artemis data, the whales' concentration increase in holdings aligns with the $9.9 billion net inflow into the Ethereum network over the past three months, along with $6.7 billion in stablecoin inflows. The influx of investors and funds reflects the resilience of Ethereum's decentralized finance (DeFi).
Zilliqa CEO Alexander Zahnd stated: "The role of Ethereum has once again strengthened, with activity notably flowing back from Layer 2 networks to the Mainnet, especially in the DeFi space. To me, Ethereum is the preferred blockchain for institutional use due to its maturity, security, and significant development team advantage."
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