ETH Whales Fuel Price Recovery with $152M in Buying Spree
Ethereum's price recovery has been supported by renewed whale activity, with two large investors accumulating $152 million worth of ETH in recent days.
The whales' buying spree has strengthened Ethereum's demand side, according to on-chain data. One whale withdrew 30,000 ETH from Coinbase Prime and distributed the tokens across three new wallets, while another acquired 50,000 ETH from a Fidelity-linked wallet.
Meanwhile, Ethereum's Whale Sentiment Index has stayed above 60 for two days and remained above 50 for six consecutive days. This suggests heavy buying among large holders.
However, one older whale moved in the opposite direction by selling $13.96 million worth of ETH after holding it for more than three years. The whale realized a $6 million loss on the sale, which showed that some long-term holders remain unwilling to wait through further market weakness.