Ethereum Price Heads toward $5k: Whales Inject $2 Billion Within 5-Days of ETF Approval
Ethereum’s top 1,000 investors held a cumulative balance of 76.01 million ETH as of May 19. But as indicated by the blue trend line in the chart above, the whales instantly increased their buying momentum after Bloomberg analysts broke the news of the SEC’s impending approval verdict for ETH ETFs on May 20.
Ethereum’s top 1,000 largest, wallets now hold 76.52 million ETH at the time of publication on May 26, reflecting that they rapidly acquired 510,000 ETH within the last 5-days.
Valued at the current ETH prices of around $3,855 per coin, this implies the whales invested over $1.95 billion since the Ethereum ETF approval.
As many large institutional investors look to front-run the bullish impact of the ETFs inflows, ETH price will like witness more whale demand, in the week ahead.
Ethereum Price Forecast: $5k target now in focus
Ethereum price is currently trading at $3,855, up 6% over the weekend. With the added market liquidity, and whale investors propensity for long-term holding, the $1.9 billion buying frenzy could be the beginning of an ETH price ascent towards new all-time highs above $5,000.
