Ethereum (ETH) has been more prominent than Bitcoin (BTC) in recent days. At this point, as institutions are rapidly switching from Bitcoin to ETH, million-dollar purchases are coming one after another.
This suggests that Ethereum is gaining bullish momentum amid rising institutional inflows.
Cryptocurrency market analysis firm 10X Research has noted in its new analysis that Ethereum is currently trading above both its 7-day and 30-day moving averages, indicating strong bullish momentum.
ETH gained 3.6% last week, driven by $148.5 million in ETF inflows. BlackRock’s spot ETH ETF ETHA remains the market leader with $4.6 billion in assets under management (AUM).
In other news, BitMine Immersion Technologies raised $250 million to implement an ETH-based treasury strategy, while SharpLink Gaming recently purchased $22.8 million worth of ETH, a sign of growing institutional demand and renewed investor confidence.
Apart from 10X Research, Glassnode also announced its Ethereum analysis. At this point, Glassnode stated that aggressive whale purchases and the current situation could allow ETH to reach $3.4 thousand by August.
Glassnode expects the strong buying frenzy by Ethereum whales to push the ETH price higher, data shows.
At this point, the total amount of ETH held by whales holding at least 10,000 ETH increased by 9.31% from 37.56 million in October of last year to 41.06 million as of July 7. These figures also indicate that the pace of accumulation in the May-September 2022 period has almost doubled.
At this point, analysts particularly pointed out that whales made similar aggressive purchases between November 2020 and January 2021, the amount of ETH held by whales increased by 4%, and then the ETH price skyrocketed from $ 460 to $ 1,220.
*This is not investment advice.
