Ethereum
Ethereum Price Heads Toward $5,000: Whales Inject $2 Billion Within 5 Days Of ETF Approval
Ethereum price compared to ETH balances in the largest 1,000 wallets
The top 1,000 Ethereum investors held a cumulative balance of 76.01 million ETH as of May 19. But as the blue trendline in the chart above indicates, whales instantly increased their buying momentum after Bloomberg analysts broke the news of the SEC’s impending approval verdict for ETH ETF on May 20.
Ethereum’s top 1,000 wallets now hold 76.52 million ETH at the time of publication on May 26, reflecting that they have rapidly acquired 510,000 ETH over the past 5 days.
Valued at current ETH prices of around $3,855 per coin, this implies that whales have invested over $1.95 billion since the approval of the Ethereum ETF.
As many large institutional investors look to anticipate the bullish impact of ETF inflows, the ETH price will witness increased whale demand in the coming week.
Ethereum Price Forecast: $5,000 target now in sight
Ethereum price is currently trading at $3,855, up 6% over the weekend. With increased market liquidity and the propensity of whale investors to hold for the long term, the $1.9 billion buying spree could be the start of an ETH price surge to new all-time highs above of $5,000.