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Ethereum Whales Buy $425M In ETH Inside 24 Hours, Rebound Soon?

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On-chain data shows the Ethereum whales have recently gone on a $425 million shopping spree, a sign that could be positive for the asset.

Ethereum Whales Have Participated In Accumulation Recently

As pointed out by analyst Ali in a post on X, the ETH whales have made some big purchases recently. The relevant indicator here is the “ETH Supply Distribution,” which tracks the total supply amount each investor group holds.

Investors or addresses are divided into these groups based on the total number of tokens they carry in their balance. For instance, the 1 to 10 coins cohort includes all investors holding at least 1 and at most 10 ETH.

In the context of the current discussion, the group of interest is that of the whales. The wallet range of these humongous holders can be assumed to be 10,000 to 100,000 coins.

Since the whales hold significant amounts in their wallets (the range converts to about $16.3 million at the lower end and $163 million at the upper end), they can naturally be influential entities on the network.

Now, here is a chart that shows how the total supply held by the Ethereum whales has changed over the past week:

Looks like the value of the metric has observed some uplift in recent days | Source: @ali_charts on X

As displayed in the above graph, the supply held by the Ethereum whales has registered a notable increase recently. During this rise, these humongous holders have bought around 260,000 ETH, worth approximately $423 million at the current exchange rate, within 24 hours.

With this latest buying spree, the total supply of this cohort has reached about 27.03 million ETH, meaning that these investors now carry about 22.5% of the entire circulating supply of the cryptocurrency.

This accumulation from the Ethereum whales is naturally a constructive sign for the coin, as it means that these holders support the current prices, so the probability of a rebound may have

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Author: Hououin Kyouma

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