Whales Drive Ether's $7K Surge

Ether's Surge to $7,000 Inevitable as Whales Scoop $3.7 Billion

Analysts are predicting a significant surge in the price of Ether (ETH) as whales, or large investors, continue to accumulate the cryptocurrency. According to a report by CryptoQuant, the total holdings of ETH by whales have grown from 16.2 million to 16.4 million BTC, while small investors have reduced their holdings from 1.75 million to 1.69 million. This trend suggests that large investors are driving the price gains of ETH, which has been trading in a tight range after facing significant resistance around the $107,000 level.

On-chain data from Santiment corroborates the influence of these whales. The firm reported earlier this week that Bitcoin whales have been picking up steam, particularly following the US inauguration and the new all-time high of $109.3K. "Key stakeholder participation has played a major role in bull cycles seen in crypto over the past two years, and the context of these spikes appear to be bullish," wrote Santiment.

Long-term Bitcoin holders are also exerting minimal selling pressure. Only 18% of Bitcoin deposits on Binance come from long-term holders, indicating that seasoned investors are largely avoiding significant selling. This highlights a strong HODLing sentiment in the market despite the volatility. Furthermore, Binance’s Coin Days Destroyed (CDD) metric, which measures the movement of older coins, is at its lowest level. This suggests minimal activity from older coins being spent or moved into exchanges, reinforcing the stability and patience of long-term holders.

US President Trump's recent crypto executive order has also sparked increased discussion about Bitcoin's role in the broader digital asset landscape. While the order rescinds prior regulations, it has stirred excitement about Bitcoin's regulatory future and its potential as a strategic reserve asset. Various analysts have weighed in on the asset's potential price movements. Analyst Ali Martinez suggests that Bitcoin could surge as high as $200,000 as it looks to complete the final phase of the Wyckoff pattern.

On the other hand, Michael van de Poppe, founder of MN Trading, has suggested the possibility of a short-term correction, predicting that Bitcoin could dip to the $95,000-$9