Ethereum’s recent surge in price has been closely tied to the actions of its top 1,000 investors. These whales have been making significant moves in the market, particularly following the news of the SEC’s impending approval verdict for ETH ETFs. As of May 19, these top investors held a total of 76.01 million ETH in their wallets. However, in just 5 days, they added 510,000 ETH to their balance, bringing the total to 76.52 million ETH by May 26.
This sudden increase in buying momentum by the whales has not gone unnoticed. In fact, it has led to a $1.95 billion investment in ETH, based on the current price of around $3,855 per coin. This influx of capital from large institutional investors looking to capitalize on the bullish impact of ETF inflows could push the price of ETH even higher in the coming days.
With Ethereum currently trading at $3,855 and showing a 6% increase over the weekend, many analysts are now eyeing a $5,000 price target for the cryptocurrency. The market liquidity and the whales’ willingness to hold onto their investments for the long term suggest that this buying frenzy could be just the beginning of an upward trend towards new all-time highs.
As the market continues to react to the news of ETF approvals and the actions of large investors, it’s clear that Ethereum’s price forecast is now centered on the $5,000 target. The coming weeks could see significant developments in the market, making it an exciting time for both seasoned traders and newcomers looking to capitalize on the cryptocurrency boom. Stay tuned to Extreme Investor Network for more updates and insights on the latest trends in the market.