As ethereum snaps five-week rally, whale buys the dip
One wallet address scooped up roughly $282 million worth of ethereum in the last five days.
Ethereum ended its streak of five consecutive weeks of gains, with the price of the cryptocurrency dropping 8.6% in the last seven days.
Despite the slump, the network has seen several notable events:
An unknown whale has accumulated 79,461 ethereum tokens worth $282 million in the last five days from a Galaxy Digital OTC address, according to data analytics platform Arkham Intelligence.
BitMine Immersion Technologies announced Monday that its ethereum stash totals 833,137 tokens, or nearly $3 billion. The firm has the largest ethereum treasury.
One streak that’s still going: spot ethereum ETFs recorded their 12th straight week of positive inflows on Friday, the longest-ever streak for the investment vehicles, per SoSoValue.
The exit queue for ethereum validators has reached 503,630 tokens, representing nearly $1.8 billion, which equates to eight days and 18 hours, according to blockchain explorer beaconcha.in. The exit line is multiples higher than the network’s entry queue of 139,446 ethereum tokens.
Base, Coinbase’s ethereum layer 2 blockchain network, has taken the lead in daily token launches, usurping solana. Zora, an on-chain social network where posts are tokenized, propelled Base into the No. 1 spot in token creations. On Sunday alone, Zora saw over 21,000 tokens created, while solana’s LetsBonk and PumpFun collectively generated roughly 18,400, according to a Dune Analytics dashboard from Sealaunch.
In other news... Eric Trump urged people on X to buy the dip over the weekend.
