Ethereum Whales are Furiously Buying ETH: Is it Time to Buy the Ether Dip?

Core Insights - Ethereum whales are actively accumulating ETH after a recent market dip, raising questions about whether this is a buying opportunity or a temporary bounce [1] - BitMine Immersion Technologies has significantly increased its ETH holdings to over 3.03 million, representing approximately 2.5% of the total supply [2][3] - The recent sell-off was driven by leverage and external factors, leading to forced liquidations across exchanges [3] Group 1: Market Activity - BitMine's recent purchase of around 202,000 ETH, valued at approximately $827 million, has contributed to its goal of owning 5% of the total ETH supply [3] - Ethereum's price has seen a recovery, trading near $4,300 with a 3.7% increase in the last 24 hours, although it remains below recent highs [2] - A major wallet repurchased 7,817 ETH for about $32.5 million shortly after the market drop, indicating strong buying interest [4] Group 2: Institutional Movements - US spot Ether ETFs experienced net outflows, with BlackRock's ETHA and Fidelity's FETH leading the losses, suggesting large holders may be acquiring coins released by these ETFs [5] - Derivatives markets are stabilizing, with funding rates across major exchanges dropping to their lowest levels since 2022, reflecting reduced leverage [6] Group 3: Market Predictions - Ethereum's market structure is showing a bullish setup as the year progresses, indicating potential positive price movements [6] - A correlation has been noted between Ethereum's price and the global M2 money supply, suggesting macroeconomic factors may influence ETH's performance [7]