Ethereum, the second-largest cryptocurrency by market cap, is attracting the attention of large holders despite market fluctuations. According to data from IntoTheBlock, large ETH holders saw a net inflow of 267,000 ETH on Thursday, the highest daily accumulation since March. This influx indicates sustained interest and activity among significant ETH investors, showcasing confidence in the crypto market’s resilience.
The period from March to early June has seen significant variations in the netflow of ETH among large holders, with spikes and troughs throughout April and consistent oscillations in May. A notable spike occurred on June 6th, with a net inflow of approximately 267,870 ETH. Despite these fluctuations, the price of ETH has remained relatively stable, indicating a market that can absorb large trades without causing significant volatility. On June 6th, the price of ETH even saw a slight increase to $3,818.90, coinciding with the large net inflow.
In addition to the netflow activities, Ethereum has experienced a surge in new wallets, with 267,000 new addresses created on April 28th and 29th, the highest two-day increase since October 2022. This increase in new addresses suggests a robust expansion of the Ethereum network, even amidst a dip in ETH prices. At the same time, the number of Ethereum addresses holding at least 10,000 ETH has also seen a significant increase, indicating a resurgence in large-scale accumulation among prominent Ethereum investors, known as “whales.”
Looking ahead, VanEck predicted that Ethereum could reach a price of $22,000 by 2030, showcasing optimism for the future of the cryptocurrency. This forecast, along with the sustained interest and activity among large ETH holders, signals positive sentiment towards Ethereum’s potential growth and development. Despite market fluctuations, Ethereum continues to attract attention from investors, both new and experienced, indicating a promising outlook for the cryptocurrency in the years to come.
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