Crypto whales accumulate $3.8B in Ethereum over two days

In a significant move within the cryptocurrency market, large investors, commonly referred to as "crypto whales," have purchased over $3.8 billion worth of Ethereum (CRYPTO:ETH) in just 48 hours.

Prominent crypto analyst Ali Martinez reported this activity to his 119,200 followers on X, highlighting that these whales acquired more than 1.14 million ETH during this period.

At the time of this buying spree, Ethereum was trading at approximately $3,340.

Martinez also noted that the blockchain Polkadot (CRYPTO:DOT) appears to be on the verge of a breakout, potentially targeting a price of $17 as it forms a bullish continuation pattern.

In contrast, Martinez expressed caution regarding Aptos (APT), which he believes is forming a bearish reversal structure on its 12-hour chart.

He indicated that APT must initiate rallies soon; otherwise, it could face a significant downturn, with a potential downside target of $4.30.

“A sustained close above $10.50 is needed to invalidate the bearish outlook,” Martinez stated.

The recent surge in Ethereum purchases by whales may indicate growing confidence in the asset, despite ongoing volatility in the broader cryptocurrency market.

As traders and investors monitor these developments, the implications for market dynamics remain significant.

With Ethereum's price movements closely watched by market participants, analysts will continue to assess how these large acquisitions affect overall sentiment and trading strategies in the coming days.

Martinez's insights reflect a broader trend of institutional interest in cryptocurrencies, which could influence future price trajectories for both Ethereum and other altcoins in the market. 

At the time of reporting, the Ethereum (ETH) price was $3,153.00.