Large investors holding Ethereum (ETH) have been actively purchasing the coin in large quantities recently. This buying surge occurred after a general price drop for most cryptocurrencies, including Ethereum, over the weekend.
Before the stock market decline, analysts believed Ethereum was set to regain its prior record-high price. But unexpectedly, the coin dropped significantly, reaching a low of $2,800 on Saturday – its lowest point since February. This represented a decrease of over 19% in just two days.
In spite of this setback, the whales have remained unfazed and taken advantage of the price drop to buy more ETH. According to a report from cryptocurrency analysis firm Lookonchain, a significant whale investor spent $3.15 million on 1,000 ETH from Binance. Unphased, this same whale then invested an extra $25 million in purchasing 8,300 ETH following the market downturn, demonstrating their unwavering optimism and belief in Ethereum’s potential growth.
A whale bought 1,000 dollars worth of Ethereum (ETH), or approximately 3.15 million dollars, from Binance when the price was low. After the market decline, this same whale now holds a total of 8,300 ETH, equivalent to around 25.12 million dollars.
— Lookonchain (@lookonchain) April 15, 2024
In alignment with this pattern, another study from the same cryptocurrency expert confirmed that a large investor spent $70 million on USDC to acquire 23,790 ETH at an average price of $2,942 following a price drop. The analyst also hinted that the investor might be planning to buy more Ethereum. This action underscores the determination and confidence of these major investors despite market fluctuations.
Hong Kong ETF Approval Causes a Spike in ETH Price
The determination of whale investors in purchasing Ethereum seems to be paying off, as the market has experienced a significant surge of over 14% within the past two days. Furthermore, their confidence was reinforced by optimism that the Securities and Futures Commission of Hong Kong would grant approval for Bitcoin and Ether ETFs this week – an expectation that has now been met.
The regulatory approval for the cryptocurrency has added to its surge in value, causing it to climb higher and now trading above $3,200. Moreover, there’s been a 2% increase in price since the announcement. This approval opens up more opportunities for institutional investors during Asian market hours, which could lead to significant investments and potentially boost the coin’s worth even further. According to X KatieePCrypto.pls analyst, who has over 40,000 followers on her platform, this approval is likely to trigger a bullish trend. As such, traders should stay alert and ready for potential price increases.
“Hong Kong just approved #ETH ETFs, $20k Ethereum is programmed. Prepare for a massive bull run.”
Although the unpredictability of the cryptocurrency market may cause concern for some, the behaviors of these significant Ethereum investors underscore their strong conviction in the coin’s future prosperity and ability to reach greater heights. In her subsequent post, KatieePcrypto shared similar views, encouraging traders not to be swayed by fear and doubt (FUD) that surfaced during the recent market downturn. She emphasized that such moments present excellent opportunities for purchasing coins and suggested standing firm against market manipulators.
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2024-04-15 17:15