Ethereum has seen significant movements recently as the largest holders of the cryptocurrency have begun to make their presence felt amid a rebound in crypto prices. This resurgence follows a startling $600 million in long liquidations on Monday, setting the stage for a potential market recovery. On-chain data indicate a flurry of activity among key investors, suggesting renewed confidence in the Ethereum ecosystem.
Notably, one major holder purchased a staggering 18,345 ETH, worth approximately $55 million, from BitGo on Tuesday. This transaction was highlighted by analytics platform Arkham Intelligence, which has been closely monitoring large trades. The timing of such a substantial buy signals not just confidence but also a strategic move to capitalize on current market conditions.
Other significant purchases include 4,597 ETH, valued at around $13 million, acquired from Binance early Wednesday. Additional activity saw another prominent holder snapping up 30,278 ETH for about $91.16 million from Kraken just three hours ago. These transactions paint a picture of increasing optimism among Ethereum’s top holders, coinciding with a broader market recovery that has also seen Bitcoin, Solana, and other digital assets climb.
Ethereum has surged over 8% in the past 24 hours, oscillating around the $3,015 mark, per CoinGecko data. Meanwhile, Bitcoin has risen approximately 7%, and Solana has jumped more than 10%. Such price advancements across multiple cryptocurrencies indicate a meaningful shift in market sentiment, underscoring the interconnected nature of the crypto assets.
Adding to the upbeat outlook, taker buy volume—a key indicator of market strength—spiked to an impressive $148.7 million across all exchanges on Tuesday. This uptick is being interpreted as a “strong signal of aggressive market buying,” as observed in a recent tweet from Maarten Regterschot, a verified analyst at CryptoQuant. The increase in buy orders suggests that traders are moving in to seize opportunities in a recovering market.
Further analysis from Velo data indicates a rise in futures cumulative volume delta compared to spot cumulative volume delta. When these metrics trend upward, it usually reflects that investors are actively opening new long positions, adding to the bullish narrative. This data paints a more complex picture where both spot and futures markets are reacting favorably, reinforcing the ongoing recovery.
Stephen Gregory, founder of the crypto trading platform Vtrader, commented on these movements, stating, “If we see more Digital Asset Tokens (DATs) trade below their minimum net asset value (mNAV), there will be some acquisitions with institutional investors swooping in for discounted Ethereum.” His assertion sheds light on the broader market dynamics, hinting at potential institutional interest that could drive prices even higher in the coming weeks.
Gregory also pointed out, “I think the correction has run its course, and the macro tailwinds will push Ethereum back up.” His confidence reflects a belief that not only is the immediate correction behind us, but also that external factors may further propel Ethereum’s price trajectory upward.
