Is Ethereum whale’s $128 million ETH purchase HODLing advice for you?

price corrected sharply during the early trading hours in Asia on Friday due to escalating tensions between Israel and Iran. Though it recovered to be valued at over $3,000 at press time, the second-largest cryptocurrency has largely been in the red over the past week. In fact, it lost more than 12% of its valuation, according toThe slump contributed to the net unrealized profits of the network declining.

Overall, the whale is now in possession of a whopping 117,268 ETH coins, which if sold would result in losses of roughly $20 million. The accumulation pattern, however, was not limited to the aforementioned whale. AMBCrypto dug further using Santiment data and noticed a steady rise in ETH supply held by addresses that don’t belong to exchanges.

These HODLing tendencies are a sign of confidence in ETH’s price over the long-term. These addresses might be expecting ETH to rebound and rebound well.halving is expected to create ripples across the broader market, including ETH. Following the last halving in 2020, ETH’s trajectory mirrored BTC’s, and both leading assets hit new highs the following year.Aniket Verma works as a journalist at AMBCrypto.

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