Whales Load Up on Ethereum Amid Institutional Bearishness

Ethereum's recent price drop to $2356 following the failure of the CLARITY Act in the US Senate was short-lived, as the market responded positively after the Fed rate hike.

The asset reclaimed $2.4k and touched $2444, with high net worth investors, especially whales, starting to accumulate.

Ambcrypto reported that whales purchased $100 million worth of ETH as the altcoin signaled a rebound.

At press time, Lookonchain reported that two newly created wallets withdrew 2,695 ETH and 2,500 ETH from Gemini and Binance, respectively, with both investors purchasing 5195 ETH worth approximately $12.9 million.