Ethereum Whales Boost the Market After Major Liquidation
Ethereum’s largest holders, often referred to as ‘whales,’ have recently returned to the market with substantial purchases, signaling renewed confidence in the cryptocurrency following a turbulent period. After more than $600 million in liquidations earlier this week, Ethereum and other cryptocurrencies are exhibiting signs of recovery.
Massive Whale Purchases Highlight Market Optimism
On-chain data from analytics platform Arkham Intelligence reveals that a prominent Ethereum whale purchased approximately 18,345 ETH—worth a staggering $55 million—from BitGo on Tuesday. This was followed by another significant buy of 4,597 ETH ($13 million) from Binance the next day. Additionally, a third whale just acquired 30,278 ETH with a valuation of $91.16 million from Kraken, a clear demonstration of large-scale investor confidence.
As of now, Ethereum has surged by 8% in the past 24 hours to reach a price of $3,015, according to CoinGecko data. This upward trend aligns with a similar recovery seen across other cryptocurrencies, including Bitcoin (+7%) and Solana (+10%).
Market Indicators Point to Renewed Buying Pressure
Supporting this turnaround, derivatives data show a notable increase in taker buy volume, hitting $148.7 million across multiple exchanges on Tuesday. According to Maarten Regterschot, an analyst at CryptoQuant, this metric underscores aggressive market buying activity. Meanwhile, perpetual futures cumulative volume delta (CVD) and open interest are also on the rise, further indicating that traders are eager to initiate new long positions.
Stephen Gregory, founder of the crypto trading platform Vtrader, commented on the situation, stating, “The correction appears to have completed its course, and macroeconomic factors now seem to favor Ethereum. New institutional money may also flow in, particularly with discounted Ethereum prices below net asset value.”
Join the Crypto Revolution
Ethereum’s rapid resurgence demonstrates the volatility and opportunity within the cryptocurrency market, making it an exciting time for investors. If you’re looking to enhance your investment strategy, consider tools like the Ledger Nano X hardware wallet, a secure and user-friendly way to store your ETH holdings.
Stay tuned as the crypto market continues to evolve, bringing new opportunities and challenges in this rapidly growing digital landscape.
