Ethereum 'mega whales' have been actively accumulating the cryptocurrency following a recent price dip, with reports indicating significant purchases over the weekend. Blockchain analytics firm Arkham Intelligence highlighted a single address that acquired $300 million worth of Ether, bringing its total holding to approximately 79,461 ETH, valued around $282.5 million. Additionally, BlackRock's iShares Trust ETF has experienced $1.7 billion in inflows over ten consecutive trading days. The overall holdings of Ether in exchange-traded funds have surged more than 40% in the past month, indicating a growing institutional interest. Despite a temporary drop in Ether's price below $3,400, it showed signs of recovery, reaching $3,560. Historically, August has been a challenging month for Ether, with notable drops in previous years, but there's optimism about potential market recovery due to changing liquidity expectations. The count of addresses classified as 'mega whales,' holding over 10,000 ETH, has also increased by more than 200 since July, underscoring a trend of increasing accumulation among large holders.

Source 🔗