Ethereum registers strongest August in four years as mega whales drive surge

Ethereum posted its strongest August performance in four years, with knowledge displaying massive holders performed a decisive function in the rally.

According to CoinGlass data, ETH gained 18% final month, climbing to a brand new all-time high of $4,953. It marked the token’s first constructive August since 2021, when it superior greater than 35%.

Since then, each August has closed in destructive territory, highlighting how vital this 12 months’s reversal was for the second-largest crypto.

Glassnode knowledge reveals that so-called “mega whales,” entities holding 10,000 or extra Ethereum, have been the principle drivers of final month’s rally. Their cumulative internet inflows peaked at 2.2 million ETH over 30 days, earlier than their shopping for momentum leveled off.

At the identical time, mid-sized whales with balances between 1,000 and 10,000 ETH seem to have shifted again into accumulation. After a number of weeks of distribution earlier this 12 months, these traders recorded a internet influx of 411,000 ETH over the previous 30 days.

While the pause in mega whale accumulation might sign warning forward, the return of enormous patrons factors to continued institutional and high-net-worth curiosity in the digital asset.

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