Opportunistic Ethereum Whales Accumulated Over 4M ETH During 2022 Price Dips
Ethereum, the highly touted cryptocurrency and second-largest digital token by market capitalization, has put crypto whales in a feeding frenzy thus far through 2022. With several market dips having already occurred related to crypto bans and new regulations, dismay relating to the Russia Ukraine confrontation have put markets back into the red, creating yet another buying opportunity.
By Andrew Senior
February 19th, 2022
IntoTheBlock, a data science company applying cutting-edge research in AI to deliver actionable intelligence for the crypto market, released data today which shows that Ethereum users have amassed over 4 million ETH over January and February of 2022. During Ethereum’s first crash when the digital currency fell below $2,300 during January 2022, holders saw the dip as the perfect opportunity to add more of the cryptocurrency to their respective portfolios. On-chain activity related to Ethereum pinpoints that long-term holders who sold two million ETH when the digital token failed to eclipse $5,000 during November 2021 actually doubled the amount they had sold during the drops experiences in 2022.
Ethereum was valued at $3,600 on January 1, 2022, only to consolidate at $2,200 after the Federal Reserve decided to increase interest rates to combat concerns about growing inflation in the United States. ETH fell nearly 7% from $3,126 and is now trading at $2,800 and is facing continued selling pressure amid rising tension between Russia and Ukraine, and the Fed’s proposed plans to increase interest rates in March.
After the massive accumulation of Ethereum to kick off 2022, several reports are circulating that suggest more addresses are in profit holding ETH than Bitcoin, the world’s largest cryptocurrency.
User activity on Ethereum has continued to set records for growth in 2022, with over 1.5 million addresses being added to the network monthly.
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