A closely followed analyst says that deep-pocketed crypto investors have accumulated a massive stockpile of Ethereum (ETH) in just four days.
In a new thread on the social media platform X, crypto strategist Ali Martinez tells his 92,300 followers that crypto whales have scooped up hundreds of thousands of ETH in less than one week.
“Ethereum whales have bought over 280,000 ETH in 96 hours, valued at around $1 billion!
Ethereum is trading for $3,725 at time of writing, a 1.5% increase during the last day.
The London-based investment management firm Farside Investors is also keeping an eye on ETH. According to the firm, inflows into Ethereum exchange-traded funds (ETFs) are ramping up.
“Ethereum ETF inflow starting to pick up. $576 million total net inflow since the launch as of 29 Nov 2024.”
Moving on to the top crypto asset by market cap, Martinez says that if Bitcoin (BTC) continues to follow its historical pattern, it should hit a price tag well above $100,000 by the end of the year.
“Historically, Bitcoin BTC has surged in the December following US Presidential elections, with gains of 30% and 46% in the last two cycles. If history repeats, we could see BTC closing the year in the $125,000-$140,000 range!”
The analyst also says that the Fear and Greed Index – which tracks investor sentiment – suggests that market participants are feeling overexuberant.
“The market is heating up, with the Fear and Greed Index flashing ‘extreme greed.’ But remember, during the last Bitcoin BTC bull run, a similar sentiment – extreme greed – accompanied a rally from $15,000 to $57,000!”
Bitcoin is trading for $97,494 at time of writing, a 1.56% increase during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here