A closely watched analyst says crypto investors with deep pockets have built up a huge supply of Ethereum (ETH) in just four days.
In a new thread on the social media platform X, crypto strategist Ali Martinez says tells According to his 92,300 followers, crypto whales have amassed hundreds of thousands of ETH in less than a week.
“Ethereum whales bought over 280,000 ETH in 96 hours, worth approximately $1 billion!
Ethereum is trading at $3,725 at the time of writing, up 1.5% over the last day.
London-based asset management firm Farside Investors is also keeping an eye on ETH. According to the company, the inflow into Ethereum Exchange Traded Funds (ETFs) is step up.
“Ethereum ETF inflows are starting to pick up. Total net inflows of $576 million since launch on November 29, 2024.”
Moving on to the most important crypto asset by market cap: Martinez say that if Bitcoin (BTC) continues to follow its historical pattern, it should reach a price tag well above $100,000 by the end of the year.
“Historically, Bitcoin BTC has surged in December following the US presidential elections, with gains of 30% and 46% over the past two cycles. If history repeats itself, we could see BTC end the year between $125,000 and $140,000!”
The analyst too say that the Fear and Greed Index – which tracks investor sentiment – indicates that market participants are feeling overly exuberant.
“The market is heating up, with the Fear and Greed Index indicating ‘extreme greed’. But remember, during the last Bitcoin BTC bull run, a similar sentiment – extreme greed – accompanied a rally from $15,000 to $57,000!”
Bitcoin is trading at $97,494 at the time of writing, up 1.56% over the past 24 hours.
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