Whales Bet Big on ETH: $300M Buying Spree Defies 10% Price Drop – Bullish Divergence Ahead?

Ethereum's price action paints a contradictory picture this week. While retail traders panic-sell amid a 10% slump, crypto whales are quietly loading up – to the tune of $300 million. Is this the ultimate 'buy when there's blood in the streets' play?

Whale Watching Season

Blockchain sleuths spot institutional-sized wallets accumulating ETH like it's 2021. The move comes as technical indicators flash oversold signals, creating textbook divergence between price and smart money flows.

Wall Street's Crypto Cringe

Meanwhile, traditional finance pundits still can't decide if crypto is a 'generational opportunity' or a 'fraud' – probably depends on whether their golf buddies are long or short this quarter.

A fresh bout of macro jitters, sparked by the buoyant U.S. dollar and Friday's disappointing U.S. jobs data, has put the crypto market on the back foot.

Bitcoin, the largest digital asset by market value, has held relatively resilient, down just 4.5% for the week. BTC's outperformance relative ETH confirms the change in market sentiment sentiment against ETH that was first signaled by the options market.