witnessed a significant uptick over the last few days, despite the rumors of a possible rejection of its Spot ETF approval.One factor contributing to the surge in ETH’s price was the activity of large holders.
This same whale withdrew 120,874 ETH valued at $199 million, priced at $1,647 each, from Kraken between the 31st of August 2022, and the 9th of September 2022, leaving 105,874 ETH valued at $325.3 million.The significant whale accumulation could further push the price of ETH to new levels. The price may be able to reclaim $3,500 soon if bullish momentum persists.
Coupled with that, the velocity of ETH had also fallen, which implied that the frequency with which ETH was trading at had also declined.Despite the price surge, most ETH holders were unprofitable at press time. This was indicated by the MVRV ratio of ETH, which had declined.
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