Ethereum Whales Accumulate $1 Billion ETH Amidst Lagging Price Against Bitcoin

Whale Accumulation Trend

Ethereum ($ETH) whales have amassed nearly $1 billion worth of the cryptocurrency in the past month, despite its price trailing behind Bitcoin's performance.

Whale Activity and ETH Performance

Cryptocurrency analyst Ali Martinez revealed that Ethereum whales procured over 410,000 ETH throughout December, steadily increasing their holdings. At present, Ethereum trades at $2,300, experiencing a 2% decline in the past week. Over 12 months, ETH witnessed a 78.5% surge, while BTC surged by 170% in the same period.

Inflows in Cryptocurrency Investment Products

In the last year, cryptocurrency investment products garnered approximately $2.2 billion in inflows, with Bitcoin-focused products leading with $1.93 billion from institutional investors.

Altcoin Investments and Solana's Surge

Among altcoins, Solana ($SOL) attracted significant investor attention, with inflows reaching $167 million as it soared by over 650% post the FTX collapse. Notably, Solana's inflows surpassed those of Ethereum-based investment products.

Bullish Sentiments and Price Predictions

Some analysts remain bullish on Ethereum's future. Analyst Lark Davis expressed confidence in ETH's potential, foreseeing a surge to $10,000. Meanwhile, Michaël van de Poppe suggested Bitcoin could stabilize post ETF approval, potentially propelling Ethereum's price to surpass $3,000, indicating overall market strength.