Ether whales are reportedly buying back into the market. According to Santiment,these whales started buying heavily in April after Ether’s price fell to its lowest point this year.
In a post on X, Santiment said whales with between 1,000 and 100,000 ETH added 14% more coins in just five months. These wallets are worth between $4.41 million and $440.81 million.
The buying spree started after Ether hit its lowest price of $1,472 on April 9. Since then, the token has made a strong comeback. Today, it trades at around $4,379, which is a gain of 197.30% from that low, according to CoinMarketCap.
In the past month alone, Ether is up 19.57%. Many traders watch whale movements closely, because their buying can mean they expect prices to rise, while their selling can mean the opposite.
Santiment said whales have scooped up about 5.54 million ETH since April 3. But not every whale played it right. On May 22, one whale bought 1,425 ETH for $3.8 million. Just weeks earlier, in April, the same wallet had sold 2,522 ETH for $3.9 million when Ether was only $1,570. That meant the wallet sold low and bought high, showing that even whales can make mistakes.
The rally has also fueled large companies. For instance, Sharplink Gaming and BitMine Immersion Technologies bought their first ETH in June when prices were between $2,228 and $2,813. BitMine is now the largest Ether treasury with $8.22 billion worth of ETH. Sharplink holds $3.69 billion. Together, treasury companies now hold $15.83 billion worth of Ether, which is about 2.97% of the total supply.
In addition to that, ETF inflow also added to the push. In August, Ethereum ETFs recorded inflows of $3.87 billion. At the same time, Bitcoin ETFs lost $751 million. Ether even broke its old 2021 high of $4,878 and reached $4,934 on August 24.
Some experts think Ether could go much higher. Sean Farrell, head of digital asset research at Fundstrat, said Ether might hit between $12,000 and $15,000 by the end of this year.
Still, Bitcoin is holding strong. The ETH/BTC ratio has dropped 2.27% in the past week. In a recent tweet, Arkham Intelligence reported that “Institutions are coming back to BTC” after ETFs sold $135 million worth of ETH and bought $332 million of BTC.
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