This Whale Bought $123M in ETH, Triggering FOMO - Coinspeaker

Ethereum (ETH) is looking at potential FOMO (fear of missing out) from retail investors due to the latest whale accumulation.

According to data from Arkham, a crypto wallet activated on July 25, has purchased over $133.3 million in various altcoins — including ETH, BLUR, and STRK, among others — since its creation. Ethereum has the largest share, worth $123.5 million at the reporting time.

ETH is currently trading at $3,770 with a market cap of $455.9 billion.

The owner used the two largest stablecoins, USDT and USDC, to accumulate the asset from leading centralized crypto exchanges, including Binance, Bybit, Kraken, Gate.io, and OKX.

On-chain analysis firm Lookonchain says the address is “likely related to DeFiance Capital,” a crypto investment company.

DeFiance Capital hasn’t officially confirmed or denied the news yet.

The Bullish ETH Pattern

The massive ETH accumulation, which Lookonchain claims to be from DeFiance Capital, shows strong institutional interest in the leading altcoin.

US-based spot Ethereum exchange-traded funds have also been consistently seeing strong inflows since July 2. BlackRock’s ETHA fund has seen roughly $9.35 billion in net inflows since its launch.

Galaxy Digital CEO Michael Novogratz also showed a bullish stance on Ethereum, expecting the asset to outperform Bitcoin (BTC).

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