Ethereum Whales Accumulate ETH as Bitcoin ETF Outflows Hit Third Largest Since Launch

The recent activities of Ethereum's large investors have raised hopes of a continued bull market. After a strong price move last week that saw Ethereum surpass $3,000 for the first time since August, there is a new wave of accumulation from Ethereum whales.

Recent activities show large investors in Ethereum (CRYPTO: ETH) are boosting their holdings again, sparking hopes of a continuing bull market.

After a strong price move last week saw Ethereum surpass the $3,000 level for the first time since August, there is a new wave of accumulation from Ethereum whales.

As reported by Cointelegraph, the third quarter saw significant selling from this investor segment. At the time of publication, the second-largest crypto was trading at $3,049 after a 3% drop in the past day. The price has seen a 4% jump in the past week.

However, things seem to have changed course in the fourth quarter. Onchain data from Lookonchain revealed that a new Ethereum whale address became active on November 9, accumulating over 18,000 ETH at an average price of $3,201.

The wallet reportedly holds Ether (CRYPTO: ETH) worth $57.8 million, along with $19.3 million in Tether (CRYPTO: USDT). This substantial purchase is now valued at $23.44 million in the last 24 hours alone.

The whale's decision to hold only Ethereum and USDT suggests a strategy to accumulate more ETH during potential price dips, showing confidence in the future value of the asset.

Earlier, a prominent whale from Ethereum's 2016 initial coin offering sold off a significant holding, netting an impressive 80,000% return. More recently, another major Ethereum holder transferred 6,250 ETH (worth $20 million) to the Kraken exchange.

Bitcoin ETF Outflows

While Ethereum whales are making their moves, Bitcoin (CRYPTO: BTC) exchange-traded funds experienced their third-largest outflow since launch, with $400.7 million drained on Thursday, according to Coindesk.

Bitcoin's price corrected by 6% from its all-time high of $93,000 earlier this week. Despite this, some ETFs, such as BlackRock's IBIT, are still seeing inflows, indicating mixed investor sentiment.

According to Glassnode, in the past three days alone, investors cashed in a staggering $15 billion. Such profit-taking is usually seen after a new all-time high, but if history repeats itself, Bitcoin is expected to find support and rebound.