Crypto Whales Bought $4,78 Billion in Ethereum, Create Holder’s Dilemma

Efirium resumed its rally, up nearly 2% in the last 24 hours and posting an impressive weekly gain of 20%. The rate is now Ethereum is just 12% away from its all-time high of $4900.

Blockchain data shows an impressive accumulation trend that began on July 10. According to analyst @EmberCN, over 1,1 million ETH worth about $4,78 billion were purchased by unknown crypto whales and institutional investors at an average price of $3584.

Another major whale tracked by on-chain analyst @ai_9684xtpa has amassed 22 ETH worth $68,000 million since June 120 at an average price of $2597. The address recently withdrew 8745 ETH from Binance.

On August 8, @ai_9684xtpa reported that one organization purchased 171,015 ETH worth $670 million and distributed it across six addresses in just four days, using assets from institutional trading platforms FalconX, Galaxy Digital, and BitGo.

The accumulation didn’t stop there: 49,533 ETH ($209 million) were added in the last few hours alone. In total, one address has accumulated 221,000 ETH ($955 million) over the week at an average price of $3794, with an unrealized profit of $116 million at the moment.

However, not everyone is convinced of the rally’s potential. Bitcoin advocate and Jan3 CEO Samson Mow believes that many investors in Ethereum will return to Bitcoin once the price rises high enough.

Mou stressed that Ethereum has always been a tool for investors to accumulate BTC, and as the token approaches its all-time high, selling pressure, which he calls the “stakeholder’s dilemma,” will intensify.

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