Ethereum Whales Add 200,000 ETH, Price Jumps 5%

Ethereum whales have recently demonstrated significant confidence in the cryptocurrency by adding 200,000 ETH to their holdings over the weekend. This substantial accumulation was reported by crypto analyst Ali Martinez, who noted that wallets holding between 100,000 and 1,000,000 ETH increased their holdings from July 5 to July 7. This accumulation coincided with a price rise from under $2,900 to above $3,050, indicating a strong correlation between whale activity and bullish price movements.

Meanwhile, the Ethereum Foundation has been actively moving its ETH holdings. According to data shared by analyst JA_Maartun, the Foundation executed its 21st outflow since April, transferring 1,000 ETH valued at $2.51 million. This brings the total ETH moved by the Foundation to approximately $52.82 million. Despite these outflows, the Foundation still holds around 196,770 ETH, worth nearly $495 million at current market prices. The purpose of these transfers remains unclear, but analysts suggest possible reallocation or funding activities. Notably, ETH’s price has held relatively steady between $2,600 and $2,800 during this outflow period, showing little volatility in response to the Foundation’s movements.

Adding to the market activity, the U.S. Government transferred 86.56 ETH, worth about $219,450, to a Coinbase Prime wallet. This transfer, recorded in block #22808615, followed a routine $10 test transaction. The source wallet belongs to the FBI and originally held Ethereum seized from Chase Senecal in October 2022. While the motive behind the transfer remains unclear, such movements typically precede liquidation or internal redistribution of seized digital assets.

These developments highlight the dynamic nature of the Ethereum market, with significant movements by both large holders and institutional entities. The accumulation by whales and the strategic transfers by the Ethereum Foundation and the U.S. Government suggest a complex interplay of factors influencing Ethereum’s price and market stability. As the market continues to evolve, these actions will be closely monitored for their potential impact on Ethereum’s future prospects.