Ethereum (ETH) Accumulation Trend Continues as Whales Load the Boat, Targeting $4k as Support

Since the start of December, Ethereum ($ETH) has seen a marked outflow from exchanges, with over 400,000 ETH leaving since December 1.

Major cryptocurrency Ethereum ($ETH) has seen a net outflow from exchanges since early December, with over 400,000 ETH leaving exchanges as of December 16.

This trend indicates a strong accumulation pattern among investors, especially as ETH recently pushed back above the $4,000 price level, which has acted as a key support zone throughout 2023.

According to data from鏈上分析平台IntoTheBlock, over 7.2 million ETH were purchased at prices below $4,000, highlighting a substantial demand interest at these levels.

This demand is expected to help Ethereum maintain its value above the $4,000 mark in the upcoming sessions.

Meanwhile, the top 104 wallets holding at least 100,000 ETH now control 57.35% of the total ETH in circulation, valued at $333.1 billion.

On the other hand, wallets holding between 100-100,000 ETH reached their lowest percentage in history, dropping to 33.46%.

This concentration of holdings among large investors, known as "whales," is usually viewed as a bullish signal.

As key participants continue accumulating, especially in the case of a nine-year-old asset like ETH, it signifies a long-term bullish sentiment among major crypto investors.

In past bull cycles, sustained periods of whale accumulation, followed by a shift into a more aggressive accumulation mode, led to explosive growth for Ethereum.

While we may still be in the early stages of this phase, the potential for a substantial price move remains on the horizon.

Moreover, on December 16, Ethereum spot ETFs recorded a total net inflow of $51.1 million, continuing a 16-day streak of positive inflows.

BlackRock’s Ethereum ETF (ETHA) led the inflows with $30.7 million in a single day.

This story was originally covered by The Merkle Hash and is being republished with their permission.

The Merkle Hash covers topics including crypto, Web3, NFTs, AI, and the Metaverse.

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