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Ethereum Price Surges 26% to $2.5K as Whales Dump ETH and Staking Demand Increases

Guavy AI Editorial Team
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Ethereum's price has surged by 26% this week to $2.5K, driven in part by whales dumping 1.7M ETH from their wallets.

According to Santiment, Ethereum's largest whale wallets have trimmed their holdings by 2.9% since May, with the total number of coins held dropping from 58.64M ETH to 56.91M ETH between May and August.

This decrease in whale holdings coincided with a surge in staking demand, with the number of staked ETH jumping from 39M coins to a record 42.3M coins, or a 35% staking ratio.

The combination of reduced whale exposure and increased staking demand has contributed to Ethereum's price increase, with institutional players betting on a potential move towards $3K by late August or September.

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