Ethereum Whales Accumulate Over 700,000 ETH Amid Market Volatility

Ethereum whales accumulated 700,000 ETH worth $2.45 billion in three weeks amid market volatility.
Forced liquidations of $215 million, including $50.61 million from ETH, marked a challenging period for traders.
Blockchain metrics suggest easing selling pressure with Ethereum’s price stabilizing between $3,400 and $3,600.

According to on-chain analyst Ali, Ethereum whales have purchased more than 700,000 ETH, worth approximately $2.45 billion, over the past three weeks. This accumulation occurred during a period of significant price fluctuations in the cryptocurrency market.

Whale Activity Amid Market Turbulence

In the past three weeks, huge price swings have resulted in over $215 million in forced liquidations for traders. Notably, $50.61 million of these liquidations were attributed to Ethereum positions. During this time, Ethereum’s price dropped to $3,368 on June 14th before rebounding to around $3,500 in the following days.

The price volatility had a significant impact on traders, with many experiencing automatic position closures as their funds became insufficient to support their bets. The forced liquidations affected traders on both the buying and selling sides, demonstrating the challenging nature of the market during this period.

Current Market Conditions

At the time of writing, Ethereum was trading at $3,551.00, with a 24-hour trading volume of $10,420,433,249 USD. Ethereum has seen a slight increase of 0.47% in the last 24 hours. It currently holds the #2 spot on CoinMarketCap, with a live market cap of $426,456,703,596 USD and a circulating supply of 120,154,584 ETH coins.

Blockchain Metrics Indicate Potential Stability

Despite the recent market low, blockchain metrics suggest that the situation may be stabilizing. A key indicator that tracks investor profits being cashed out showed a spike before leveling off, which analysts interpret as a potential easing of selling pressure. This indicator has flattened out in the $3,400 to $3,600 range, suggesting that the market may be finding its footing.

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The recent activity of Ethereum whales purchasing large amounts of ETH highlights their confidence in the cryptocurrency despite market volatility. As the market navigates through these fluctuations, investors and analysts will continue to monitor blockchain metrics and price movements to gauge the potential for stability in the coming weeks.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.