Crypto
Ethereum Sees $1 Billion in Buying Activity Amid Dwindling Supply
Ethereum has seen an influx of buying activity in recent times, with over $1 billion in visible demand. This surge in demand is not limited to retail investors; institutional buyers and whales are also making their presence felt.
A large whale wallet recently spent $13.55 million on 5,425 ETH at around $2,498 per coin, while another address received 40,000 ETH worth $100.09 million from Binance. BlackRock's ETHA ETF has seen $889.8 million in net purchases over the past eight trading days.
The available supply of Ethereum is also dwindling, with ETH reserves across exchanges falling to 14.93 million. This decrease in supply could contribute to a more sensitive market.