Key Takeaways:
An unidentified whale purchased 4,000 Ether (ETH) for approximately $8.54 million on the Deribit exchange, an event monitored by the on-chain data platform Onchain Lens. The move comes as larger crypto investors have been steadily increasing their holdings over the past month.
The large purchase was identified by Onchain Lens, a platform that tracks significant cryptocurrency transactions. This event is consistent with recent data from analytics firm Santiment, which noted that wallets holding between 10 and 10,000 Bitcoin have increased their holdings, a trend that often precedes price increases. Data also shows a significant drop in large Bitcoin deposits to exchanges, signaling reduced selling pressure from major players.
This specific $8.54 million ETH purchase is part of a wider pattern of accumulation. Over the last month, large investors defined as "whales and sharks" have added 61,568 Bitcoin to their wallets, according to one report [1]. This accumulation happens as the broader market sentiment, measured by the Crypto Fear & Greed Index, remains in "extreme fear" territory, with a recent score of 13.
"Whales are scooping up BTC because they’re positioning ahead of a potential breakout, quietly stacking during consolidation periods," Dominick John, an analyst at Zeus Research, told Cointelegraph. He added that this accumulation could continue if macro conditions remain supportive. Traders are currently watching the 200-week simple moving average, around $59,430 for Bitcoin, as a key support level that has historically marked the beginning of bull cycles.
This article is for informational purposes only and does not constitute investment advice.
