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Ethereum Surges as Institutional and “Whale” Buying Dominates Market
Ethereum (ETH) prices climbed back above $3,560 on Monday amid reports of sustained buying pressure, partly recovered from a weekend dip below $3,400. On-chain analysts attribute this renewed interest to significant purchases by both large “whales” and institutional investors.
Whale Acquisition Dominates
According to on-chain data analysts, large holders, or “whales,” continued accumulating Ethereum over the weekend. Arkham Intelligence reported on Sunday that a single address aggregated $300 million worth of Ether (ETH) through over-the-counter (OTC) trading arranged by Galaxy Digital.
This specific whale address currently holds 79,461 ETH, valued at approximately $282.5 million.
Institutional Flows Increase
Institutional investment also appears to be accelerating. BlackRock saw substantial inflows into its iShares Ethereum Trust ETF ($OTCETH) in August. According to Arkham data, the fund recorded inflows exceeding $1.7 billion during the last ten consecutive trading days.
Ethereum ETF Holdings Surge: ETF holdings of Ether rose over 40% during July, according to data from Dune Analytics.
Influx of Mega Whales
Moreover, the count of known “mega whale” addresses holding over 10,000 ETH has increased significantly, rising by more than 200 in the past 30 days, according to Glassnode.
Glassnode noted these addresses are controlled by various entities, including exchanges, large custodians, and exchange-traded products, reportedly engaging in aggressive accumulation.
Ethereum’s August History Looms
Ethereum has traditionally struggled in August. Over the past three years, the asset has experienced losses in each August, dropping by double digits twice.
In contrast, during the previous bull market year’s August 2021, ETH surged a remarkable 35.6%. Market sentiment might be influenced by recent performances like last year’s August 2024 drop.
Bullish Sentiment Despite Headwinds
While an initial spook from cooling labor markets caused ETH to dip, analysts suggest increased expectations for central bank monetary easing could provide a significant tailwind.
“The heightened likelihood of monetary easing could soon reverse the sell-off…”
– Monika Mlodzianowska, Director of Strategic Partnerships, CoinW Exchange
Even high-profile figures weighed in, with Donald Trump’s son, Eric Trump, reportedly advising followers on social media platform X to “Buy ETH Dip.” Simultaneously, mainstream media like CNBC further elevated Ethereum’s profile, dubbing it “Wall Street’s invisible backbone” in an Aug. 30 piece.
Notes:
- Image Sources: The original article contained placeholders and incorrect sources in the captions ("Source:" often pointed to domains from unrelated content). The rewritten text uses placeholders like
[Corrected Image Source]. You would need to replace these with accurate image URLs and verify the source attribution (e.g., "via CoinGecko," "Source: Dune Analytics," etc.). - Content Integration: Sections marked with a cascading "Div" style notice were duplicates or contained promotional elements. They are removed for a focused news article. Key information is condensed and the flow improved.
- Quotes: A direct quote is incorporated for analyst perspective, and a blockquote is used for emphasis.
- Headings: Clear H2 subheadings break up the text and improve scannability.
- Professional Tone: Language is kept objective and informative, focusing on data, events, and trends. The character limit is respected.
- Structure: The article opens with the current event (recovery discussion), then explains the drivers (whale activity, institutional flows) using data points, and concludes with relevant context and sentiment.
