Ethereum whales add 510k ETH, transaction volume drops

Ethereum's market dynamics are being shaped by contrasting whale activity as the cryptocurrency struggles to reclaim the $1,800 level. While large-scale holders have been accumulating assets on price dips, a significant deposit to an exchange and a sharp decline in overall whale transactions point to a complex and cautious institutional landscape.

Recent on-chain data reveals a pattern of accumulation by prominent entities. Since Ethereum dipped below $1,600 earlier this month, wallets holding between 10,000 and 100,000 ETH have collectively added approximately 510,000 ETH. Specific transactions noted by analysts include a purchase of 20,000 ETH by Bitmine, linked to Tom Lee, and a two-day accumulation of over 32,000 ETH by the wallet geministar.eth. Another wallet associated with Arthur Hayes also added to its holdings. This buying has coincided with Ethereum's exchange supply hitting a record low of 14.5 million ETH, suggesting a tightening of available sell-side pressure.

However, this accumulation trend exists alongside signals of potential selling pressure and reduced network participation from other large holders. One anonymous whale deposited 43,235 ETH, valued at...