🐋 Whales actively support $ETH

Over the past five years, ETH has traded very close to the average purchase price for whales holding at least 100,000 coins only four times. Two of these occurred in 2022, and the remaining instances occurred this year.

However, as soon as the price attempts to fall below this price, thereby pushing major players into the red, they actively buy back in each of these instances.

Bitmine continues to accumulate its $ETH positions. The company remains bullish on Ethereum's prospects and continues to increase its holdings. They made another purchase, acquiring 4,959 ETH, equivalent to $46 millions.

Bitmine remains a leading investor in $ETH, and this purchase further widened the gap between them.

Based on this, we can conclude that whales are ready to buy back any dips in the asset and are quite confident in its potential, as they are not eager to sell their coins, but rather continue to accumulate them.