- Coinbase’s earliest investor starts accumulating Ethereum once more
- Ethereum has had a good week after rallying to $245 on Saturday
- Unknown whales are accumulating Ether as well
Ethereum News Today – after performing below par in the last couple of weeks, the price of Ethereum posted a healthy rally in the past week that saw it get to the $245 area on Saturday (May 30). This sum was the coins’ highest price position since the beginning of March. Digital asset prices have since been retracing upwards.
Ether has risen by 4%. Now, it seems the digital asset is gaining on the side of the investment. Reports show that there is an increase in the number of prominent investors in Ethereum. This support for the number 2 largest digital asset has helped to limit its downside in the last week. This time out, a veteran investor is accumulating Ethereum again.
Top Venture Capital Executive is Accumulating Ethereum Again
Garry Tan, an executive of startup Palantir and founder of Initialized Capital (who is also one of Ethereum’s earliest bulls), is accumulating Ethereum again. By his accounts, Tan also holds Bitcoin (the first of which he got from Coinbase’s Brian Armstrong). It is now clear that the VC executive owns Ethereum as well.
The Initialized Capital partner remarked that he has been continually “stacking sats” originally. This implies that he was once or is more optimistic about the number one digital asset, Bitcoin. The amount of BTC Tan owns is clear at press time. The same applies to the sum of Ethereum he is buying. All in all, it shows that the wider disposition of investors in the market is to accumulate assets like Ether. According to Cameron Winklevoss regarding stacking up ETH:
“We own many Ether. They are large and it is a material sum. Quite large. A few years back we made an effort to buy Ether in bulk.”
Unknown Whales are Also Accumulating Ethereum
Ethereum’s top 100 wallets (based on holding size) have reportedly their holdings. They have improved it to a 10-month high. There is $4.5 billion worth of Ether in their coffers. These are wallets owned by crypto whales. According to Blockchain analytics firm, Santiment, in the past few days alone (between May 27 and May 30), about $30 million was deposited into the above-mentioned user addresses. Hence, the sentiment of Ethereum’s holders is bullish and it appears to be related to DeFi (decentralized finance).
In the interview mentioned above, Cameron Winklevoss called DeFi the “new vista,” for Blockchain (a new system that Bitcoin paved the way for). Other market participants see Ethereum as a Cambrian explosion because of the rate of adoption for DeFi and the simultaneous dip in traditional institutions.