AI Summary
- Over the past 24 hours, Ethereum buying has increased after Eric Trump tweeted a cryptic post about ETH. Despite recent price depreciations, millions of inflows have been funneled into Ethereum, with whales purchasing large quantities of ETH. While the Ethereum community is becoming frustrated at the Ethereum Foundation’s inaction regarding ETH as a token, whales are buying in bulk. .
- On February 3, 2025, Eric Trump, President Donald Trump’s son, tweeted “In my opinion, it’s a great time to add $ETH”, causing investors to believe something may be on the horizon for the blockchain. With the Trump administration and Crypto Czar David Sacks due to host a crypto meeting on February 4, investors have come rushing to Ethereum after recent price volatility. Ethereum fell over 16% on February 3 to $2,460, losing its $3k price tag which had given Ethereum traders hope that the token would be able to create a new level of support above $3k. After falling to new local lows, whales have been scooping up ETH in the millions with “7 Siblings” purchasing 50,429 ETH worth $126 million.
- According to on-chain analyst lookonchain, the last time 7 Siblings purchased such a large quantity of ETH was back in August 2024 when the wider cryptocurrency market fell considerably. Coinglass reports that spot ETH outflows from exchanges reached $228 million, signifying that traders were purchasing Ethereum and sending their tokens to non-custodial web3 wallets. .
- The Ethereum foundation has looked into staking their holdings but regulatory concerns apparently remain an issue according to Ethereum co-founder Vitalik Buterin. .
Over the past 24 hours, Ethereum buying has increased after Eric Trump tweeted a cryptic post about ETH.
Despite recent price depreciations, millions of inflows have been funneled into Ethereum, with whales purchasing large quantities of ETH.
While the Ethereum community is becoming frustrated at the Ethereum Foundation‘s inaction regarding ETH as a token, whales are buying in bulk.
ETH whales make big splashes
On February 3, 2025, Eric Trump, President Donald Trump’s son, tweeted “In my opinion, it’s a great time to add $ETH”, causing investors to believe something may be on the horizon for the blockchain.
With the Trump administration and Crypto Czar David Sacks due to host a crypto meeting on February 4, investors have come rushing to Ethereum after recent price volatility.
Ethereum fell over 16% on February 3 to $2,460, losing its $3k price tag which had given Ethereum traders hope that the token would be able to create a new level of support above $3k.
After falling to new local lows, whales have been scooping up ETH in the millions with “7 Siblings” purchasing 50,429 ETH worth $126 million.
According to on-chain analyst lookonchain, the last time 7 Siblings purchased such a large quantity of ETH was back in August 2024 when the wider cryptocurrency market fell considerably.
Coinglass reports that spot ETH outflows from exchanges reached $228 million, signifying that traders were purchasing Ethereum and sending their tokens to non-custodial web3 wallets.
Ethereum foundation woes
In recent months, the Ethereum community has become frustrated with the Ethereum Foundation believing that the team was not addressing Ethereum’s most glaring problems.
In recent months the Foundation has been called out for selling off large quantities of ETH to cover operational costs and various expenses as a non-profit organization.
On January 20, 2025, the Foundation sold 100 ETH for 336,500k DAI which was pointed out by the community, along with their other sales, as having an effect on the chart.
The Ethereum foundation has looked into staking their holdings but regulatory concerns apparently remain an issue according to Ethereum co-founder Vitalik Buterin.
