Crypto insights firm Santiment says that deep-pocketed Ethereum investors have started aggressively accumulating ETH after four months of inactivity.
The market intelligence firm says that whales holding between 1,000 and 10,000 Ethereum have suddenly added a combined 142,000 ETH, worth about $407,415,040 at time of writing.
The accumulation spike comes after a nearly four-month-long stagnation period dating back to the end of last year.
“Ethereum’s key stakeholders are showing some accumulation, adding 142,000 more ETH to their bags over the past 10 days.
After a long dump going back to mid-December, this is the most sustained level of accumulation we’ve seen in over four months.”
Santiment says that Binance Coin (BNB) whales have also ramped up their purchasing activity recently, which according to the firm, could be a sign of an upcoming price reversal.
“Binance Coin has seen its largest grouping of whale transactions since early March. When $100,000+ transactions spike, as they are now, it typically foreshadows price direction changes. Be cautious, as the largest spike occurred at a local top.”
Furthermore, the analytics firm is warning investors that the heavy volatility displayed across crypto markets over the weekend should continue as the Federal Reserve’s next interest rate hike decision approaches.
“Crypto markets have retraced significantly this weekend, particularly altcoin prices. If you have been waiting for major price volatility, expect for it to continue into Monday and Tuesday as the Fed approaches their May interest rate hike decision.”
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