Whales Just Bet $832 Million on the Ethereum Price Dip, Here’s Why

Ethereum whales have purchased approximately $832 million worth of ETH, accumulating 360,000 ETH as the price dipped by 3.6% since May 10. This accumulation occurred within a falling channel that has been in place since April 17. Analysis of derivatives data, including a drop in open interest and elevated funding rates, suggests that this whale activity is not over-leveraged and indicates confidence in a potential price recovery. However, long-term holders, tracked by the net position change metric, have significantly reduced their accumulation pace by nearly 80% since late April, potentially due to concerns about the elevated funding rates. The Ethereum price is currently trading around $2,311, holding above the $2,298 support level, with key price levels to watch being $2,269 and $2,327 for potential shifts in market sentiment.

(Source：BeInCrypto)