Ethereum Whale Accumulation Spike, Whales Accumulate $1.03 Billion as ETH Slides to $1,000

A beluga whale with belly full of cash and blue ethereum logo above head swimming towards black rubish

Ethereum (ETH) whales have shown their resolve to the asset. They have accumulated as much as $1.03 billion worth of ETH as the crypto market crisis drives its price to a two-year low of $1,050.

Ethereum whale accumulation spike

As the impact of the FTX collapse continues to be unraveled, cryptos and companies in the industries suffer the brunt. ETH whales continue to show their resolve, increasing their accumulation.

According to the on-chain data tracker, Santiment, on November 20th, Ethereum whales holding between $10.9 million and $1.09 billion worth of ETH have added 947,940 more ETH, worth an additional $1.03 billion.

Ethereum whales tears

Data from Santiment shows that the latest accumulation spree is the fifth largest single-day acquisition by ETH whales over the last year. The accumulation spree was fueled by hopes of a possible ETH rally.

Ethereum (ETH) plunges to $1,000

Unlike the other four instances of large ETH whale accumulation, the price of Ethereum has failed to react positively. Over the last 24 hours, its price is down by 4.5%, dropping as low as $1,050.

The 24 hours price chart for Ethereum (ETH)

The 24-hour price chart for Ethereum (ETH). Source: CoinMarketCap

The decline in the price of Ethereum comes as the hacker who stole $477 million worth of crypto from the bankrupt converts the funds to ETH. In the last 24 hours, the account labeled “FTX Accounts Drainer” split $199.3 million worth of ETH into 12 accounts.

Recent transactions from wallet labeled FTX accounts drainer

On the Flipside

  • In the week ending November 18th, Coinshares reported that short-ETH investment products received $14 million, “the largest weekly inflow on record.”

Why You Should Care

The accumulation shows the belief of whales in Ethereum. This is despite the whales threatening to bring ETH’s price below the current support level.

Can ETH hold above $1000? Find out in:
Ethereum (ETH) Price: Can it Hold Above $1,000?

Read what Buterin has to say about the market crash in:
Ethereum (ETH) Co-Founder Vitalik Buterin Says There Are Lessons To Learn From The FTX Collapse

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).