In the world of cryptocurrency, big investors, known as whales, are making some serious moves. One of these whales has recently added over 385, 000 ETH to their collection, making their total stash worth around $1. 38 billion. This isn't just a one-time thing; they've been steadily buying more ETH over the past 10 days.

But why are they doing this? Well, the price of ETH has been dropping, and these whales see it as a good chance to buy more at a lower price. They're not just buying with their own money, though. Some of them are borrowing stablecoins to buy even more ETH. One whale, for example, has borrowed around $270 million in stablecoins to expand their ETH position.

It's not just individual whales making these moves. Companies like BitMine are also increasing their ETH holdings. In the past week alone, BitMine added 110, 288 ETH to their collection, bringing their total to a whopping 3. 5 million ETH. That's a lot of ETH!

So, what does this mean for the price of ETH? Some analysts think that this kind of buying could push the price back up to $4, 000. They're looking at the charts and seeing a pattern that suggests a V-shaped recovery. This means the price could drop sharply and then rise just as sharply.

But it's not all smooth sailing. The price still needs to break through some key levels to confirm this pattern. If it does, though, we could see the price rise by around 21% from where it is now.

ETH ACCUMULATION

Big Players Bet Big on Ethereum: What's the Deal?

Continue reading...