Based on data from top crypto exchanges, there's a significant shift happening with Ethereum (ETH). A large number of investors are moving their ETH off exchanges like Binance and into personal wallets for long-term storage, a trend known as self-custody. This is a strong signal of growing market confidence, as it reduces the amount of ETH readily available for sale on exchanges.
This shift, combined with Ethereum's price remaining stable around $4,400, suggests a bullish outlook. Historically, when the amount of ETH on exchanges declines while prices hold steady, it often precedes an upward price movement. The current conditions, including reduced leverage in the market and a lack of selling pressure from major long-term holders, reinforce the idea that a new bull phase could be starting.
Whales and Institutions are Accumulating
This positive outlook is further supported by a recent surge in accumulation by large investors, often called "whales." In the past two days, these major players have bought a combined 218,750 ETH, valued at nearly $943 million.
Tom Lee's Bitmines purchased 69,603 ETH (about $300 million).
Five new wallets bought 102,455 ETH (around $441.6 million) from the trading firm FalconX.
This aggressive buying spree by whales and institutions highlights strong backing for Ethereum as it attempts to break past the $4,500 mark. According to market data, wallets holding 1,000-100,000 ETH have increased their reserves by 14% over the past five months, a steady accumulation that has been key to supporting Ethereum's recent price rebound. This suggests that the current rally may be driven by long-term institutional interest rather than short-term speculation.#ETHUSDT #ETHUSD #ETHBTC