Over the past few months, the colossals of the cryptocurrency world, Ethereum whales, have been displaying their financial prowess. Recent on-chain data analysis by Santiment depicts a sharp surge in the activity of these heavyweight investors. This surge seems to be induced by the green signal that the US Securities and Exchange Commission (SEC) gave for Ethereum’s spot exchange-traded funds (ETFs).
The unexpected approval of 19b-4 forms for ETF submissions from heavyweight financial institutions such as BlackRock and Fidelity by the SEC on May 23rd has shaken the crypto universe. This long-anticipated decision, which arrived after a period of complete silence from regulatory entities, appears to have sparked a shopping spree among the most prominent investors of Ethereum.
Santiment’s detailed analysis reveals an astonishing 30% increase in stockpiles by wallets holding a minimum of 10,000 ETH, spanning the past 14 months. This increase translates to a whopping 21 million ETH, currently valued at an impressive $83 billion, being accumulated by these financially robust investors.
Ethereum’s recent performance, surpassing even Bitcoin in terms of last month’s percentage gains, indicates that this accumulation spree shows no indication of halting in the near future.
This data depicts a recent spike in whale transactions surpassing both $100,000 and a staggering $1 million. These transactions touched new highs for the year after the approval of the ETFs. This increased activity might indicate these whales taking advantage of the optimistic market environment to secure some profits.
However, Santiment presents a different theory stating this might be a tactical pause in investment before diving back into the acquisition fray. The report infers that as long as these wallets holding 10k+ Ethereum continue their upward movement, Ethereum’s price has the potential to outperform its larger counterpart, Bitcoin, despite the volatility of the market.
Optimistic news isn’t limited to whale activities. An investigation conducted by NewsBTC reveals a favorable incline in daily Ethereum transactions. A 1.87 ratio of profitable trades to those ending in loss was noted over a seven-day moving average. This suggests that for each losing bet, there are almost two winning ones, indicating a wave of optimism among Ethereum investors.
Looking ahead, Ethereum’s predicted bottom-level price projection for 2025 sits at a substantial $3,716 based on historic price patterns of Ethereum and Bitcoin’s halving phases. According to expert predictions, Ethereum’s price could soar to $6,722 in the forthcoming year.
Currently, the price forecast range for Ethereum in 2025 spans from $3,716 at the low end to an ambitious $6,722 at the top end. If Ethereum manages to touch the higher price point, the value of the cryptocurrency may see an impressive rise of 80% by 2025 in comparison to its current standing.
