Ether whales are buying up the cryptocurrency, with one address accumulating $300 million worth of ETH from OTC trading. BlackRock’s Ethereum Trust ETF saw $1.7 billion in inflows over 10 consecutive trading days. Onchain Ether holdings in ETFs surged by more than 40% in the past month, according to Dune Analytics.

The number of Ether “mega whale” addresses, holding over 10,000 ETH, has increased by over 200 since the beginning of July. These addresses include exchanges, custodians, and ETFs, all aggressively accumulating the cryptocurrency.

Ether prices dipped below $3,400 over the weekend but recovered to $3,560 on Monday. Despite initial concerns about the labor market cooling, heightened expectations of monetary easing could reverse the sell-off and provide a bullish tailwind for cryptocurrencies, says CoinW’s Monika Mlodzianowska.

Similar to Bitcoin, Ether has historically been bearish in August, with losses seen in the past three years. In August 2021, during a bull market year, Ether surged by 35.6%. Eric Trump encouraged his followers to buy the ETH dip, while CNBC referred to Ethereum as “Wall Street’s invisible backbone.”

Read more at Cointelegraph: Ethereum Whales Accumulate $300M As ETF Inflows Hit $1.7B