Ethereum Whale Accumulates $170M as Inflation Data Looms
Ethereum is trading within a key support zone between $1,720 and $1,780. Analyst Nehal sees this range as critical for a bullish recovery.
Whale wallet 0x2d59 has been accumulating Ethereum, buying 50,000 ETH worth $93.6 million just one week after purchasing 40,000 ETH worth $76.66 million.
The total accumulation by this whale now stands at around $170 million worth of ETH in recent weeks. The staking of the newly bought ETH suggests the whale does not plan to sell in the near term.
Despite whale buying, selling pressure has been rising. U.S. spot ETH ETFs recorded $14.59 million in net outflows on August 10th.
The options market shows some institutional bets on ETH reaching $2,000 by end of August or September, alongside hedging toward $1,700 and $1,650.