TL;DR

Whales have purchased nearly $850 million worth of ETH in just two days. Other bullish signals for the cryptocurrency include the declining supply of tokens on exchanges and the solid interest in spot Ethereum ETFs.

The Largest Whales on the Move

Despite not posting any major gains in the past 24 hours, Ethereum (ETH) remains among the top-performing cryptocurrencies over the last month, with its price soaring by 54% to the current $3,800 (according to CoinGeckos data). 

Moreover, the recent whale activity suggests that the valuation may pump even more in the short term. The popular X user Ali Martinez revealed that big investors (those holding between 10,000 and 100,000 coins) have scooped up more than 220,000 ETH in the past 48 hours. 

The USD equivalent of the stash is just under $850 million (calculated at current rates), with this cohort of market participants now controlling almost 28.4 million tokens. This represents 23.5% of ETHs circulating supply. 

Such accumulation leaves fewer assets available on the open market, which, combined with non-declining demand, is supposed to result in a surging price. Additionally, the move may incentivize smaller investors to enter the ecosystem with fresh capital.

Martinez has been quite vocal on ETH recently. Earlier today (July 29), he noted that there has been plenty of hype surrounding the second-largest cryptocurrency, but predicted that the real breakout will begin once the price soars above $4,100. 

The X user Michael van de Poppe said ETH didnt witness the previously expected correction. In that case, I think well be seeing another run upwards, the target is quite clear: the high at $4,100. I think well sweep that level and consolidate for a little. Up we go, he added. 

More Bullish Factors

The outflow from exchanges has been more than evident in the past several months. Over one million ETH has been withdrawn from centralized platforms in the last 30 days alone, which typically results in reduced immediate selling pressure.

As CryptoPotato reported, the total number of Ethereum tokens stored on exchanges has plunged to approximately 19 million, representing the lowest point seen in nearly a decade. 

The massive capital that continues to flow into spot ETH ETFs should also be considered a bullish element. Those products have collectively attracted roughly $5 billion in 17 days, signaling solid interest from investors. In fact, the last outflow day was on July 2.