In the second half of July, many new wallets have accumulated large amounts of Ethereum, helping to push ETH prices from $2,700 to $3,700 in about 15 days.
The investment by organizations and ETH whales through major channels like Kraken, Binance, and Galaxy Digital has boosted the market strength for Ethereum, creating a sustainable price increase and enhancing liquidation across the entire ecosystem.
- Many new wallets have accumulated 614,000 ETH worth over $2.1 billion since the beginning of July.
- Whales and large organizations have helped push ETH prices from $2,700 to $3,700 in half a month.
- Main trading channels including Kraken, FalconX, Galaxy Digital, and Binance support capital inflow into ETH.
Why are new wallets massively accumulating Ethereum in July?
According to on-chain analysis by expert Yu Jin, the cryptocurrency ecosystem is witnessing strong growth in ETH accumulation from new wallets. This is a positive sign indicating significant capital is flowing into Ethereum, helping to improve liquidation.
New wallets are utilizing reputable exchanges like Kraken, FalconX, Galaxy Digital, and Binance as capital transfer channels to accumulate ETH, creating demand pressure and pushing prices higher. Accumulating ETH in large quantities up to 614,000 ETH in over 15 days helps consolidate the position of this currency in the global cryptocurrency market.
This move not only reflects confidence in Ethereum's development potential but also opens opportunities for long-term investors and large financial institutions to participate more deeply in this ecosystem.
How do whales and large organizations impact Ethereum prices?
According to cryptocurrency analyst Yu Jin, the increase in ETH accumulation from whales and organizations helps create a clear boost for ETH prices. Prices jumped from $2,700 to $3,700 in just half a month.
"The combination of whales, large ETH holders, and spot ETH ETFs is creating liquidity balance, price stability, and market expansion for Ethereum."
Yu Jin, On-chain Analyst, July 2024
This is evidence that large capital inflows into ETH are not just speculative but also a long-term accumulation strategy. This reduces selling pressure, enhances investor community confidence, and contributes to forming a sustainable price increase trend.
Which trading channels were used to move these large ETH amounts?
Kraken, FalconX, Galaxy Digital, and Binance are the 4 main trading channels that new wallets and organizations have used to accumulate ETH capital. These are all reputable exchanges with large scale and liquidity.
Choosing these trading channels ensures quick and safe order execution, supporting the accumulation of massive ETH volumes without excessive market disruption. Meanwhile, spot ETH ETFs and known ETH reserve companies are also participating, creating a sustainable funding network for ETH prices.
Illustrative examples of ETH accumulation and impact value
Just from the 9 wallets tracked by Yu Jin, the accumulated ETH reached 614,000 ETH, equivalent to over $2.1 billion, creating a strong momentum for the ETH price recovery in July 2024.
This trend is similar to previous large accumulations by ETH whales, which have previously driven significant Token price growth, making the market more dynamic and attractive to institutional investors.
Frequently Asked Questions
What does ETH accumulation from new wallets mean for small investors?
The accumulation by large wallets proves that market confidence is increasing, helping small investors have more basis to decide on investing or long-term holding based on positive trends.
Will ETH prices continue to rise as wallets continue to accumulate?
According to expert Yu Jin, if large wallets continue to accumulate ETH, the price increase momentum will be maintained in the medium term, although short-term fluctuations are possible.
What does participation of reputable exchanges in ETH accumulation indicate?
This confirms that institutional capital is entering the market through reliable channels, helping to increase transparency and consolidate the ETH market.
How can ordinary users track ETH accumulation wallets?
They can use on-chain analysis platforms like Etherscan or specialized tools to track wallet activities and capital flows related to ETH.
Does this ETH accumulation volume affect market liquidation?
Holding ETH long-term reduces circulating supply, which may reduce liquidation, but the large demand helps stabilize prices and reduce volatility.
