Ethereum (ETH) is on a roll hitting green indexes in the shadow of Bitcoin (BTC) surge. However, ETH’s recent price action saw many crypto whales making big moves. The second biggest crypto price is up by over 11% in the last 7 days pushing it to breach the $3,400 price level next.
ETH whales on the move
According to the data, the recent ETH surge brought dormant participants back into action. An Ethereum ICO participant, who was inactive for 8.6 years, recently became alive again. The wallet deposited all 238.75 ETH (approx worth $770,000) to the crypto exchange Coinbase. This participant received 238.75 ETH during the Ethereum Genesis ICO at an approximate price of $0.31.
It is important to note that as the market continued its rally, FTX and Alameda Research also made big moves. They deposited 2,000 ETH (approx worth $6.36 million) to Coinbase and 163,727 PROM (valued at $2.04 million) to Binance. However, FTX and Alameda Research have deposited a total of 10,447 ETH (approx worth $27.7 million) to centralized exchanges in the past month.
Lookonchain reported that a fresh wallet withdrew over 23,361 (approx price $75.6 million) from the crypto exchange Binance. ETH price is up by 5% in the last 24 hours. It is trading at an average price of $3,222, at the press time. Its 24 hour trading volume is up by 67% to stand at $22 billion.
A report by Bybit indicates that institutions are favoring Ethereum over Bitcoin by allocating a good portion of their portfolios. The portfolio concentration in both BTC and ETH for institutions stands at 80%, with a notable emphasis on Ether. It is due to the anticipated EIP-4844 (Dencun upgrade). Meanwhile, Retail users are more bullish on Bitcoin, displaying a higher tilt towards altcoins.
Institutions favoring Bitcoin in portfolio allocation
Institutional investors are allocating a significant portion of their portfolios to Ether (ETH), followed closely by Bitcoin (BTC), according to a report from Bybit Research. The report indicates that institutions have increased their concentration in both BTC and ETH to 80%, with a notable emphasis on Ether, driven by expectations surrounding the Dencun upgrade (EIP-4844).
The market sentiment has shifted since December, with institutions now favoring both Bitcoin and Ethereum. Ethereum’s outperformance of Bitcoin, with a 33% rally year-to-date, is attributed to factors such as its deflationary supply post the shift to proof-of-stake, low levels of ETH held on exchanges, and increased staking activity.
