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Whales are buying Ethereum

Jul 16, 2021 Forex News

After the price of Ethereum began to fall, crypto whales began to show increased interest in this cryptocurrency. As the price of Ethereum depreciates from the mark of $2400, the volume of Ethereum sales increases. And it looks like the Ethereum bearish correction will continue. The ETH/USD pair is currently trading at around $1860. However, the bulls will be able to stop the bears in the area of $1700. This level of support has saved Ethereum from sell-offs more than one time.

Against the backdrop of increasing Ethereum sales, we are seeing an increase in Ethereum purchases by whales. According to the Santiment website, crypto whales control the largest volume of Ethereum since May 2017. It should be noted that the ten largest wallets account for 20,6% of the total supply of Ethereum. In these wallets, the most active accumulation of Ethereum is recorded starting from the end of June.

Santiment also reports that Ethereum miners have returned to the tactics of accumulating cryptocurrency again. In early June, mining pool balances dropped to 94200 ETH. Now, this figure has reached 112000 coins again.

Thus, the actions of whales and miners accelerate Ethereum's reaching bottom. And this creates the conditions for the subsequent rebound of the altcoin.

Funds also go to the decentralized finance market. According to IntoTheBlock, DeFi apps currently host 9,07 million Ethereum, which is about 7,78% of the total altcoin supply.