Ethereum Whales Buy Millions Despite ETH Price Concerns
Major investors and liquidity providers are withdrawing significant amounts of Ethereum from exchanges, signaling strong underlying demand despite stagnant price action.Summary
High-net-worth investors and major liquidity providers have been accumulating large volumes of Ethereum by withdrawing it from centralized exchanges, indicating a divergence between price stagnation and network growth. One unidentified whale, tracked as wallet "0x8E34," has systematically withdrawn over 80,157 ETH since March 11, acquiring it at an average price slightly above the current market rate, suggesting a long-term hold. Another large investor, wallet "0x743d," recently spent $24.79 million to acquire 11,985 ETH. Furthermore, Cumberland, a prominent market maker, moved approximately 23,000 ETH from Binance and Coinbase, moves often associated with facilitating large OTC trades or rebalancing institutional inventory. This accumulation occurs while ETH struggles above $2,000 amid macroeconomic headwinds, yet Ethereum's fundamental network metrics, such as the number of holders, continue to show sustained growth, suggesting a strengthening foundation.
(Source：BeInCrypto)