Whale's Ethereum Holdings Increase to 1969.05 WETH with Average Price of $2539

A whale investor has increased their Ethereum holdings to 1969.05 WETH, with an average price of $2539. They initially purchased 1182 WETH using 3 million USDC and then borrowed 2 million USDT to buy more. The whale had previously held a long position of 2304.3 stETH.

Ethereum (ETH) whales have been actively accumulating the cryptocurrency, with significant implications for the market. According to data from analytics platform Santiment, large holders (whales and sharks) have increased their ETH holdings by 1.49 million over the past 30 days [1]. This accumulation, representing a 3.72% increase in their combined balance, brings their total control to 26.98% of the entire circulating supply of Ether.

The increased whale holdings come amidst a backdrop of corporate drama involving SharpLink Gaming (SBET), a Nasdaq-listed firm pursuing an ambitious Ether (ETH) treasury strategy. The stock price of SBET plummeted by 70% in after-hours trading, following a filing to allow the resale of nearly 58.7 million shares [1]. This filing could potentially flood the market with supply, but it might also be a strategic prelude to a significant announcement of up to $1 billion in ETH purchases by the firm.

Concurrently, large-scale investors are buying with conviction, using the recent price dip towards the $2,500 support level as a strategic buying opportunity. The technical outlook for ETH remains critical, with the price finding tentative support around the $2,500 level. A sustained hold above this area, reinforced by whale buying, could set the stage for a recovery towards resistance near $2,800. Conversely, a break below could open the door to further downside.

Institutional demand via ETFs has shown signs of short-term cooling, with U.S.-listed spot Ethereum ETFs recording a minor net outflow of $2.2 million on Friday, ending a 19-day streak of positive inflows [1]. This minor outflow is the first since late May and bears watching for traders.

Additionally, an Ethereum address holding 900 ETH moved the coins after nearly 10 years of "HODLing," suggesting that long-term holders are beginning to take action [3]. This move is part of a broader trend where large amounts of crypto are being moved by long-term holders, potentially signaling a shift in market dynamics.

References:
[1] https://blockchain.news/flashnews/ethereum-eth-whales-accumulate-1-49m-eth-as-treasury-stock-sbet-plunges-70
[3] https://decrypt.co/328983/ethereum-og-moves-2-2-million-in-genesis-coins-after-10-years-hodling/