The fifth-largest daily accumulation since the last year occurred recently when large Ethereum whales accumulated over 947,000 ETH tokens worth over $1 billion in a single day.
Large Ethereum whale addresses recently added 947,940 ETH valued at $1.03 billion in a day, ranking as the fifth greatest daily accumulation over the previous year, despite the rising trend of selloffs that have prevailed during the market downturn seen in the crypto industry.
According to the onchain analytics firm Santiment, these whale addresses have amassed 1.8% of the whole supply of ETH. Notably, the company noticed the large amount on Tuesday night.
“Ethereum’s large whales (holding $10.9M to $1.09B) have added 947,940 more ETH yesterday worth ~$1.03B. This is the 5th largest single day add in the past year,” Santiment tweeted.
Santiment disclosed at the week’s start that Ethereum sharks and whales have been “aggressively” accumulating more ETH tokens in the previous two weeks, so the accumulation behavior is not exclusive to giant whales.
It appears to be a sophisticated “buy the dip” operation. The affected addresses had grown their holdings by an average of 3.52% over the previous 12 days.
In unrelated news, A multi-signature Ethereum wallet created by Vitalik Buterin, the co-founder of Ethereum, recently transferred around 40,000 ETH, totaling $47.7 million, to an unspecified address.
Since the holders transferred a similar amount of 30K ETH to the same unnamed wallet on May 16, this transaction represents the first ETH outflow from the wallet address in more than six months.
Chinese reporter Colin Wu tweeted about the recent development.“Acc ording to Etherscan, 40,000 ETH was transferred from the multisig address 0x22…3a9d created by Vitalik Buterin to 0xD04…8fd7,” Wu noted in a tweet Thursday, sharing an Etherscan link to the transaction.
According to a tweet from the analytics firm IntoTheBlock, the price of December Bitcoin futures contracts is less than the current BTC spot trading price. The tweet claims that even though it shows significant selling activity by traders, there is still room for arbitrage.
The situation with Bitcoin futures indicated above is known as backwardation, and it demonstrates that over the previous two weeks, traders have been heavily selling BTC out of concern for a slower rate of price movement, according to IntoTheBlock’s analysts.
According to IntoTheBlock, market bottoms frequently coincide with periods of backwardation in futures contracts, as they did in March 2020 and May 2021. Similar patterns can be seen with extremely negative financing rates, which could indicate a bottoming out.
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