Key Takeaways:
A whale wallet accumulated $31.43 million in ETH and $6.24 million in WBTC over three days, on-chain data shows.
"New address 0x268... withdrew 100 WBTC valued at $6.24 million from Binance five hours ago, making it the wallet's second-largest holding after accumulating $31.42 million in ETH at an average price of $1,591 and immediately staking into wstETH," on-chain analyst Ai Yi, known as ai_9684xtpa, said.
The combined position across both assets totals $37.67 million. The whale's ETH purchases were spread across three days, with the average entry price of $1,591 sitting below the current market price. The accumulation comes as large bitcoin holders added more than 270,000 BTC, or $16.7 billion, over the past two weeks, even as US spot bitcoin ETFs recorded a record $4.06 billion in outflows in June, according to Bitfinex analysts. The divergence between institutional selling and large holder accumulation has shown up near past cycle bottoms, where long-term holders take coins off sellers before any recovery reaches the price, they said in a Friday note. Solana has bucked the broader trend, rising about 15 percent since early June, helped by protocol upgrades and a jump in onchain transfers of tokenized real-world assets.
ETH traded at $1,749.50 as of 14:30 UTC, sitting inside the Bollinger Bands with upper resistance at $1,797.14 while the EMA50 at $1,649.78 and EMA200 at $1,746.84 act as layered support. The RSI at 69.48 stays neutral and the MACD golden cross at 40.85 reinforces a bullish structure, suggesting the whale's accumulation could precede a measured push toward band resistance. The next US inflation reading, following a hot 4.2 percent May print, is seen as crucial for the Federal Reserve's rate path and could reshape the pressure that has weighed on risk assets this month.
This article is for informational purposes only and does not constitute investment advice.
