HomeFinance NewsShould You Take HODLing Advice from Ethereum Whale's $128M Purchase?

Should You Take HODLing Advice from Ethereum Whale’s $128M Purchase?

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Despite a recent sharp correction in Ethereum’s price, which was triggered by geopolitical tensions, the second-largest cryptocurrency has been in the red for the past week, losing over 12% of its value. This decline has led to a decrease in the net unrealized profits of the network, causing panic selling among some investors. However, amidst this turmoil, a large whale investor has been seen accumulating ETH, despite experiencing unrealized losses.

In a surprising move, the whale investor snapped up 41,358 ETH over the past five days, valued at approximately $128 million. This accumulation pattern is in stark contrast to the actions of many other participants who are selling off their holdings. In addition to this whale, there has been a steady increase in ETH supply held by addresses that are not associated with exchanges, indicating a strong belief in Ethereum’s long-term potential among some investors.

The confidence demonstrated by the whale investor and other holders of ETH suggests a positive outlook for the cryptocurrency despite recent market volatility. While Ethereum’s market currently shows a neutral sentiment, the upcoming Bitcoin halving is expected to have an impact on the broader market, including ETH. Historically, the trajectory of Ethereum has followed that of Bitcoin after previous halving events, leading to both assets reaching new highs in the subsequent year.

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