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Ethereum has recently seen a significant uptick in investments from large-scale holders, often referred to as “whales”. Data from the cryptocurrency analytics platform Santiment reveals that these investors have acquired over 700,000 ETH tokens, valued at approximately $2.45 billion, in just three weeks.
This surge in whale activity comes at a time when Ethereum is facing difficulties in sustaining its bullish trend. Currently, the cryptocurrency trades at $3,562 on the Bitstamp exchange, after briefly dipping to a low of $3,360 on June 14. Such fluctuations underscore the ongoing challenges within the market.
Despite these market conditions, the interest from wealthy investors suggests a strong underlying confidence in Ethereum’s long-term value. Analysts, including ShayanBTC from CryptoQuant, have noted potential short-term bearishness due to pressures from futures traders, yet the robust investment from whales may indicate a brighter horizon for Ethereum’s stability and growth.
