Multiple deep-pocketed entities are suddenly buying massive amounts of Ethereum following ETH‘s retracement from Sunday’s new all-time high, according to on-chain data.
Blockchain analytics platform Arkham Intelligence says that nine crypto whale addresses have purchased more than 98,000 ETH.
[adinserter block="1"]“Nine massive addresses just bought a total of $456.8 million of ETH. Five of these addresses received from Bitgo, while the remainder purchased their ETH with Galaxy Digital OTC (over the counter). Whales are buying ETH.”
Arkham Intelligence also notices four additional crypto whale addresses that just purchased more than 14,900 ETH and now hold more than 30,100 ETH combined.
“Four whale addresses just purchased $69.4 million of ETH from FalconX, bringing their collective holdings up to $140 million. Whales are buying the dip.”
The on-chain analytics firm reports that Fundstrat Global Advisors managing partner Tom Lee’s ETH treasury firm BitMine is also continuing to add the top altcoin by market cap to its balance sheet.
“BitMine holds $6.79 billion of ETH and just bought another $21.3 million. BitMine is going for 5% ETH supply, that’s $27 billion of ETH.”
On Monday, Lee hinted on X that he was expecting ETH would reach a local bottom around $4,300 before reversing.
ETH is trading for $4,646 at time of writing, up 3% in the last 24 hours. ETH is down about 6% from its recent all-time high of approximately $4,950.
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