1,000,000 ETH in Past Month – What’s Happening?

Cryptocurrency analyst Ali Martinez (known on the X social media platform as @ali_charts) has shared recent on-chain data, showing an astounding cumulative movement of nearly 1,000,000 ETH coins over the past 30 days.

Almost 1,000,000 ETH absorbed by whales

The Glassnode chart shared by Ali in his tweet shows the overall ETH supply stored by centralized crypto exchanges. According to it, from April 6 to now, this overall Ethereum amount has seen a drastic decline from 18,015,519 ETH to 17,097,203.

Thus, nearly one million coins have been withdrawn from exchanges. These withdrawals aligned with the Ethereum price gradually rising from $1,579, trading sideways for almost a month and then soaring to $2,679 on May 13.

Whales have been accumulating Ethereum over the past month. Those include spot Ethereum ETFs. On May 14, Franklin Ethereum ETF saw an inflow of 1,139 ETH. Invesco Galaxy Ethereum ETF scooped up 866 ETH. However, other ETFs only faced either outflows or zero inflows. The largest loss was suffered by the Grayscale Ethereum Trust ETF, as it lost 3,983 ETH on Wednesday.

Is Ethereum bull run to gain steam?

Ali also published a three-day Ethereum chart to show that, yesterday, Ethereum was closing above the 200-period SMA. This ETH move, he says, has in the past provoked major Ethereum price rallies. Therefore, he is expecting a bull run from the $2,700 level where ETH traded on Wednesday.

By now, Ethereum has rebounded by 6.33% and is changing hands at $2,533 per coin. Major analyst Michael van de Poppe commented on this correction in a recent tweet. The analyst published a “gentle reminder” to the global crypto community about the previous market bottom hit by Ethereum in September 2019, when it traded below $200. After that, he said, a bull market began that lasted 826 days.

He believes that ETH likely bottomed out several weeks ago. He does not believe that Ethereum will come to the end of the current bull run within the coming weeks, but rather, it will continue much longer: “That’s just 21 days behind us, that doesn’t mean we’ll end the bull in the next 50 days.”