The trend of Ether accumulation is up despite the fact that the price is below $1,700. The 1” mutual fund crypto wallet bought a significant amount of Ether.
Popular blockchain analytics platform Lookonchain highlighted the transactions and revealed that the wallet bought 6,088 ETH at an average price of $1,655. In doing so, the wallet associated with the DEX aggregator spent more than $10 million.
Blockchain data indicated that the 1″ wallet bought a total of 17,000 ETH worth 26.8 million on three occasions – January 13, February 9 and March 14 – at an average price of $1,569. It then sold 11,000 ETH worth about $21 million when the largest high hit $1,906 on July 5, making a profit of $3.7 million. The wallet in question currently contains more than $80 million worth of cryptocurrencies such as USDT, UNI, USDC, DAI, etc. in addition to Ether. The move comes just one month after it ended its dollar cost averaging (DCA) deals. Early months of 2023. Ether, on the other hand, has been in a downward spiral since the second week of July. The recent market downturn has further added to the altcoin’s decline, causing a significant rally among retail traders.
According to a recent alert from Glassnode, retail investors – addresses with at least 10 ETH – have been hoarding the token at current levels. As a result, this cohort has just reached its 4-week peak. In addition to the increase in retail sales, Ether whale activity rose to a 16-week high.
Santiment analysis showed that addresses with 10-10,000 ETH rose to 355,000, even with the price below $1,700.