Large Ethereum holders have significantly increased their purchases since April’s low. According to the Santiment analytics platform, more than 14% of Ether has been added to their wallets in five months. This trend shows that investors with the largest portfolios took advantage of the spring slump to accumulate and bet on long-term growth.
Ethereum skyrocketed after slump
Ethereum fell to this year’s low of $1,472 on April 9, but its price has risen sharply since then. It is currently trading at $4,376, an increase of more than 197% from its April low. In the last 30 days alone, it has gained 19.5%. Such significant growth has attracted back even those investors who had originally left the market.
Not all big players managed to guess the right moment. Some sold near the bottom and were later forced to buy back at much higher prices. An example is an investor who sold 2,522 ETH for about $3.9 million in April and bought again in May, this time 1,425 ETH for $3.8 million.
Big players and companies are accumulating Ethereum
According to Santiment, large holders have accumulated a total of 5.54 million ETH since April 3. The price increase is also supported by the inflow of capital into ETF funds and corporate purchases. Among the largest corporations with significant Ethereum reserves are Sharplink Gaming and BitMine Immersion Technologies, which began buying in June.
Companies currently hold $15.83 billion worth of ether, which is almost 3% of the total supply. August was a strong month for Ethereum-focused funds, which attracted $3.87 billion. In contrast, Bitcoin ETFs reported an outflow of $751 million, suggesting that some investors are shifting their positions towards Ethereum.
