Ethereum Whales Accumulate 1 Million ETH in Largest Single-Day Purchase Since 2018

Ethereum is starting to make some waves! When whales begin to accumulate a large amount of ETH, it can be a sign that market sentiment is about to change. On June 16, Ethereum whales bought 1M ETH — the biggest daily buy since 2018. This large build up is indicative of increasing faith in Ethereum’s bullish price action, with more and more eyes focusing on the asset.

The recent run-up land Ethereum have been on the heels of since markets started to recover around mid-April. Ether is down 27.60% over the last 12 months. Nevertheless, analysts think the cryptocurrency can recover in the weeks ahead if it remains above a crucial $2,400 level.

Whale Activity and Market Optimism

Quinten Francois even cited Glassnode data, further validated by Farside data, alluding to the move on Ethereum whales’ part. The large institutional buy of 1 million ETH on June 16 indicates increasing confidence among big players.

"More and more eyes have turned to Ethereum." - Quinten Francois

Santiment analyst Brian Quinlivan specifically pointed out a prevailing mood of positivity about Ethereum on June 11. That continues an overall bullish sentiment in the market. This optimism, mixed with the major whale accumulation, gives a bullish hue to Ethereum’s short-term prospects.

ETH/BTC Ratio and Market Performance

Even with these positive indicators, the ETH/BTC ratio, based on TradingView data, currently is at 0.02275. The ratio, measured according to CoinGlass data and by CoinMarketCap, has since fallen by 6.84% over the last month. That means Ethereum has underperformed Bitcoin over the past several weeks.

In a separate report, it was noted that the ETH/BTC ratio has fallen 6.71% on the month. Ethereum’s current excitement is hype, and it’s definitely overrated. It has a long way to go to fully catch up to Bitcoin’s market dominance.

Analyst Perspectives

Ethereum’s performance hasn’t escaped the attention of analysts, some of whom believe that ETH is about to reverse. So long as Ethereum remains above the $2,400 level, it will represent a healthy comeback. That, in turn, would build on Cx’s existing momentum and pick up even more investment.