Whales Go Wild: $2.5B ETH Shopping Spree Amid Market Meltdown! 🐋💸

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So, Ethereum decided to take a little dip, plummeting to a low of $2,640 on Monday, February 17. That’s an 8% drop in just two weeks! Talk about a dramatic entrance! Meanwhile, our friendly neighborhood whale wallets have been on a shopping spree, gobbling up over $2.5 billion worth of ETH since February 3. Who knew whales were such savvy investors? 🐳💰

Ethereum (ETH) Stuck in a 14-Day Standoff Below $2,800

Ethereum (ETH) has been feeling the pressure lately, like a teenager trying to fit into last year’s jeans. It’s been struggling to regain its cool amidst a whirlwind of market signals that are about as clear as mud.
With all the macroeconomic drama and regulatory scrutiny, it’s no wonder investor sentiment is as shaky as a Jenga tower in an earthquake. ETH’s price action has been on a downward spiral since February 3, losing 8% in a mere 14 days. Yikes!

The second-largest cryptocurrency by market cap even flirted with a monthly low of $2,524 on February 9 before attempting a little recovery dance. But alas, despite some half-hearted rebounds, ETH just can’t seem to break that pesky $2,800 resistance level. It’s like trying to get your cat to take a bath—good luck with that! 🐱🚫

And let’s not forget the lack of a breakout, which is making investors as nervous as a long-tailed cat in a room full of rocking chairs. Everyone’s waiting for a catalyst to spark the next big move, but it’s like waiting for a bus that never arrives.

One of the biggest hurdles for Ethereum has been the growing skepticism about network updates. People are worried about ETH supply inflation after the Dencun upgrade. Critics are saying Ethereum’s monetary policy is evolving faster than a reality TV star’s relationship status, and it might scare off long-term holders. 😱

But wait! There’s a silver lining! U.S. regulatory developments are throwing a little optimism into the mix. Recent buzz about potential ETF approvals for major altcoins, including Ethereum, has reignited institutional interest. It’s like a breath of fresh air in a stuffy room! 🌬️

While ETH’s price action is still a bit of a snooze-fest in the short term, a sustained break above $2,800 could signal a return to bullish vibes. On the flip side, if it can’t hold the support at $2,640, we might be looking at a retest of the $2,500 level. And let’s be real, that’s a psychological threshold traders are watching like hawks.

Crypto Whales Have Snagged $2.5B in ETH Since the Market Dip Began

Despite Ethereum’s recent price drama, it seems like the big fish are swimming in for a long-term bullish scenario. On-chain data shows that whale accumulation has ramped up over the past two weeks, suggesting that these deep-pocketed players see the current price dip as a golden buying opportunity. 🤑

IntoTheBlock’s Large Holder Netflow chart below shows that Ethereum’s biggest whale addresses are in a sustained accumulation phase. This metric tracks the net balance changes in wallets holding at least 0.1% of ETH’s total circulating supply. It’s like a reality show for crypto whales—who will make the biggest splash? 🐋

According to the latest gossip, Ethereum’s largest holders have been on a buying spree for 14 consecutive days since February 3. During this time, they’ve snagged a whopping 918,506 ETH, valued at around $2.5 billion. That’s some serious shopping! 🛒💸

This whale activity suggests that institutional and high-net-worth investors are still all in on Ethereum’s long-term value. Historically, similar accumulation periods have led to major price recoveries. So, if this trend continues, we might just see Ethereum riding the wave back up once the macroeconomic storm passes.

Plus, with all the excitement around altcoin ETF approvals, we could be looking

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2025-02-18 00:04