Ethereum Whales poured in around $425 million to purchase 260,000 ETH.
ETH’s market cap has fallen below $200B as a result of price declines over the last week.
Ethereum price has declined over the last week as the market struggles with persistent macroeconomic uncertainties and prolonged delays in the approval of spot ETFs.
According to on-chain data, whales are quite active during this severe market downturn. Ali Martinez, a prominent crypto researcher, recently shared that in only 24 hours, Ethereum Whales poured in $425 million to purchase 260,000 ETH. This occurs after significant ETH whale movement was reported a day earlier. On Monday, 300,000 ether were transferred between two “whale” addresses on Coinbase.
Further Decline Likely?
Despite Ethereum’s fall over the last week, the cryptocurrency has now been trading at around the $1630 mark. According to CMC statistics, ETH’s market cap has fallen below $200 billion as a result of price declines over the last week.
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