Ethereum (ETH) whales are making major moves on the crypto market, suggesting strong bullish sentiment despite short-term price volatility. According to crypto analyst Ali Martinez, these large investors have accumulated over 126,000 ETH in the last 48 hours, amounting to approximately $440 million.

In a tweet, Ali wrote, “Ethereum whales have accumulated over 126,000 ETH in the last 48 hours, worth approximately $440 million.”

According to CryptoQuant CEO Ki Young Ju, whales might be preparing for the next move on the market. Ju wrote in a tweet that “whales might be preparing for the next altcoin rally.” He noted that the limit buy order volume for altcoins, excluding Bitcoin and Ethereum, is increasing, indicating that strong buy walls are being set up.

Ethereum’s recent developments, including the recent launch of Ethereum spot ETFs in the United States, seem to have bolstered its appeal among large holders, known as crypto whales. Ethereum recently marked nine years since its inception, and as the ETH network continues to evolve, it is likely to attract more institutional interest.

According to data from Farside Investors, fund flows to U.S.-listed spot Ethereum exchange-traded funds shifted to a daily net positive for the first time since their inception on July 31, owing mostly to a decrease in outflows from the Grayscale Ethereum Trust.

Ethereum price slips as market sell-off hits

Bitcoin and Ethereum, along with the majority of other crypto assets, appear to be underperforming in Thursday’s trading session.

According to CoinMarketCap data, the Bitcoin price was $64,034 at the time of writing, 2.77% lower than it was the previous day. The Ethereum price is down 4.21% from $3,175, where it was 24 hours ago. Several cryptocurrencies were posting larger losses; Solana’s Dogwifhat was down 12% in the last 24 hours, and PEPE was down 7% in the same time frame.

According to CoinGlass, trailing prices have resulted in the liquidation of $225 million in derivatives contracts over the last day.