Ethereum Plunges 9% Amid Trade War Fears, Whales Accumulate

Ethereum's market performance took a sharp hit on the 13th of June, plunging by 9% and liquidating $298 million across 80,000 traders. The asset dropped from $2,771 to a low of $2,443 before stabilizing near $2,509. While panic gripped much of the market, opportunistic investors saw value in the decline, scooping up ETH under the $2,500 mark. Trade war anxieties fueled the broader sell-off, but a closer look reveals bullish undercurrents.

Despite the volatility, a major Ethereum whale has signaled strong bullish conviction by opening a substantial $16.6 million long position. This pattern of strategic buying from deep-pocketed entities suggests a long-term outlook that sees current price levels as an opportunity rather than a risk.

BlackRock, currently the largest asset manager globally, has consistently bought Ethereum daily for over two weeks. This follows BlackRock’s announcement about its goal to significantly expand influence across both public and private markets, with a plan to boost revenue from $20 billion in 2023 to over $35 billion by 2030. If realized, this growth could further solidify BlackRock’s role in shaping institutional investment trends across traditional and crypto assets alike.

Data from Arkham Intelligence reveals that BlackRock now holds over 1.5 million ETH, valued at approximately $3.83 billion, cementing its position as a dominant force in the Ethereum market. SharpLink Gaming also recently purchased 176,271 ETH worth $463 million, positioning itself as the top publicly listed Ethereum holder.

As optimism continues to build around Ethereum, institutional accumulation has become increasingly evident. Technical indicators like RSI and MACD are both below neutral levels, which points to lingering bearish pressure. However, whale accumulation of ETH, which points to growing bullish momentum ahead. In conclusion, over 77% of ETH holders are currently in profit, which may reflect strong holder confidence and hint at potential upward momentum in the near term.