Whale Purchase That Started the Great Rally in Ethereum in May Has Started! "$754 Million ETH Purchase Has Arrived!" Will the Same Rise Happen?

Although Ethereum ($ETH) has yet to experience a major rise, rapidly increasing institutional accumulation could open the door to a bull rally for $ETH.

Because many corporate companies have been accumulating huge amounts of $ETH lately.

At this point, the latest acquisition news came from Matrixport, Abraxas Capital and SharpLink Gaming.

According to Lookonchain's post, Matrixport and Abraxas Capital withdrew more than $230 million worth of $ETH from exchanges.

An address thought to be connected to Matrixport withdrew 40,734 $ETH worth $104 million from crypto exchanges Binance and OKX in the last 24 hours, while Abraxas Capital withdrew 48,823 $ETH worth $126 million from Binance and Kraken in the same period.

London-based asset management firm Abraxas Capital purchased approximately $500 million worth of Ethereum ($ETH) in just six days in mid-May. In parallel with these purchases, the $ETH price also made a big rise, rising from $1,800 to $2,600 in the six days from May 8 to May 14.

Half a Billion Dollar Ethereum Purchase!

SharpLink Gaming, which also adopted the Ethereum treasury strategy and is the largest institutional $ETH holder after the Ethereum Foundation, also purchased 200,905 $ETH (198,167 $ETH in the first transaction and 2,738 $ETH in the second transaction) worth a total of $ 524 million yesterday and today.

CryptoQuant analyst also said that large amounts of $ETH were purchased by institutional companies, ETFs and whales last June. Accordingly, the amount of $ETH held by wallets that do not belong to centralized crypto exchanges (CEX) and have limited Ethereum output broke a record in June. The amount of Ethereum held in these wallets reached 22.7465 million $ETH as of June 30, a massive increase of 35.97 percent in one month.

*This is not investment advice.