Ethereum surged to a new record high on August 24th as it surpassed $4,950 to break its previous ATH set in late 2021. Despite the subsequent weekend volatility leading to a nearly 4% pullback, ETH remains strong, especially when compared to BTC, as it sits above $4,500. Interestingly, Binance whales have played a key role in supporting this momentum. Whales Pile Into ETH There is a clear accumulation trend by Binance whales, who have steadily increased their exposure to Ethereum (ETH) since July. By categorizing market activity between retail traders and whales, the data shared by CryptoQuant revealed that large players have been consistently placing spot and futures orders on Binance as ETH edges closer to the $5,000 level. Unlike retail traders who often act early, whales typically prefer to confirm a trend before entering, which explains why their buying activity only accelerated after Ethereum’s reversal to the upside. While this behavior can sometimes leave them vulnerable to late entries or market reversals, their continued accumulation is, however, a strong signal of confidence in ETH’s trajectory. This wave of whale demand not only strengthens the current rally but also provides significant momentum that could help propel the leading toward the much-watched $5,000 milestone in the near term. Crypto investors appear to be echoing this bullish sentiment. In fact, one said that this milestone will likely be followed by a consolidation phase before Ethereum’s next major rally. The investor also projected that ETH could surpass $10,000 within the current market cycle. ETH Outperforms BTC Ethereum has outperformed Bitcoin, as evidenced by the emergence of a clear divergence in institutional activity. Bitcoin’s CME Open Interest (OI) failed to match its price levels, which indicated weaker institutional conviction. Ethereum, on the other hand, has shown a healthier picture, as last week’s move to a new peak was supported by rising OI on the CME. This meant fresh liquidity inflows rather than speculative churn. It is also important to note that retail investors have not entered yet, which analysts argue makes ETH’s advance more sustainable for now. The post Massive Whale Buying Spree Could Catapult Ethereum (ETH) Beyond $5,000 appeared first on CryptoPotato .
