Crypto
Ethereum Whales Resume Accumulation as Institutional Demand Remains Strong
Ethereum's price has seen some interesting movements in the past week. Whales, who are investors holding large amounts of Ethereum, have resumed their accumulation strategies after a brief period of distribution following the failure of the Clarity Act to progress in the US Senate.
According to CryptoQuant data, wallets with a balance of 10K-100K ETH offloaded 140K ETH within three days after Congress halted the legislation. However, this cohort of investors has bounced back, scooping up 260K ETH since Saturday.
The institutional front is showing strength, with US spot Ethereum exchange-traded funds (ETFs) recording a fourth consecutive day of net inflows worth $104.63 million. BlackRock's ETHA and Fidelity's FETH continue to lead the pack.