as ethereum price has picked up again, and investors’ bullish sentiment has improved. Large Ethereum investors have been quietly increasing their exposure to altcoins following recent price levels above $2,000. Another development that acts as a catalyst for this new confidence is Tom Lee’s latest comments on the outlook for assets.
Tom Lee backs Ethereum, big companies stack ETH
meanwhile Ethereum is gradually regaining its upward momentum, but a new wave of accumulation has appeared beneath the surface of the recent uptrend. This new accumulation is playing out among large investors and whales, demonstrating new confidence in the asset’s prospects.
Santiment, a popular market intelligence and data analysis platform; reveal Over the past two days, we have seen an increase in wallet addresses holding between 100 and 100,000 ETH. In this short period of time, these investors raked in an additional 756,950 ETH.
By increasing accumulation during price rebounds, this suggests: ETH whale We are taking advantage of the current state of the market to increase our exposure. Such actions by large holders are usually interpreted as an expression of strong belief in the altcoin’s long-term trajectory.
While large investors are buying more ETH, small holders, considered shrimp, are slowly withdrawing their reserves. Since mid-December, wallet addresses holding less than 0.01 ETH have collectively released more than 0.9% of the supply. The divergence highlights a shift in market confidence, with deep-pocketed companies becoming more bullish while smaller investors are becoming more cautious.
Considering the large impact, Investor behavior In the market, supply may become tighter as ownership shifts to larger players, which could impact Ethereum’s price performance in the short term. If this situation continues, it is likely to trigger a stronger rally in altcoins.
Bitmine is buying more ETH even in the face of volatility
According to Santiment data, the increase in whale accumulation follows recent comments. tom leehis upbeat attitude towards altcoins helped expand the bullish narrative. Tom Lee, CEO of Bitmine Immersion, said: said The company’s base scenario for Ethereum is that the auction is in the final stages of a “mini-crypto winter.” The statement merely fueled optimism as voices within the organization and actions up the chain began to converge.
Adding to this bullish statement is the company’s latest ETH purchases, which have accumulated 65,341 ETH over the past week. This number represents a significant increase in purchase activity compared to previous weekly purchase averages of 45,000 ETH to 50,000 ETH. According to Mr. Lee, “bitmine We have maintained an increasing pace of ETH purchases in each of the past three weeks. ”
As of March 23, Bitmine holds approximately 4.661 million ETH, which is more than 3.86% of the total supply in circulation. Additionally, this strengthens the company’s position as the world’s largest Ethereum treasury company and the world’s second largest treasury company after Ethereum. Michael Saylor’s Strategyowns 761,068 BTC worth a whopping $52 billion.
Featured image from iStock, chart from Tradingview.com
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