Ether whales continued to buy the cryptocurrency in droves, according to onchain analysts, as ETH recovers from a weekend dip.
“Somebody is buying a ton of ETH,” blockchain analytics firm Arkham Intelligence said on Sunday, with one address accumulating $300 million worth of Ether (ETH) from over-the-counter (OTC) trading at Galaxy Digital.
The whale address currently holds 79,461 ETH, worth around $282.5 million.
BlackRock has also been loading up on ETH, with the firm’s iShares Ethereum Trust ETF seeing $1.7 billion in inflows over the past 10 consecutive trading days.
Onchain holdings of Ether in exchange-traded funds have gone vertical over the past month, surging by more than 40% over the past 30 days, according to Dune Analytics.
ETH mega whales loading up
The Ether “mega whale” address count has also surged over the past 30 days, according to Glassnode.
The mega whale cohort is defined by addresses holding more than 10,000 ETH, with more than 200 added since the beginning of July.
These whale address counts include those held by exchanges, large custodians and exchange-traded products, which have been aggressively accumulating.
ETH already recovering
Ether prices cooled off over the weekend with a dip below $3,400, but showed signs of recovery on Monday by reclaiming $3,560.
Related: Ethereum ‘mega whales’ are stacking harder than pre-95% rally in 2022
“While the labor market’s cooling trend initially spooked investors, the heightened likelihood of monetary easing could soon reverse the sell-off, offering crypto a bullish tailwind as liquidity expectations shift,” director of strategic partnerships at the CoinW exchange, Monika Mlodzianowska, told Cointelegraph.
Ether bearish in August
Similar to Bitcoin, which has been bearish in eight out of the past 12 months of August, Ether has seen losses over the past three years in August.
The asset fell by double digits in August 2023 and 2024, but surged a whopping 35.6% during August 2021, which was a bull market year, according to CoinGlass.
Over the weekend, Eric Trump, the son of US President Donald Trump, told his X followers to buy the ETH dip.
Meanwhile, CNBC labelled Ethereum “Wall Street’s invisible backbone” in an article on Saturday.
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