Ethereum accumulation is on the rise again as one of the earliest Coinbase investors Garry Tan is reportedly joining Ethereum whales.
The queen of cryptocurrency Ethereum witnessed a healthy rally last week after reaching $245 on Saturday; it was the highest price Ethereum reached since March.
Since then prices have retraced by up to four percent upward. Moreover, a growing number of noteworthy investors have been supporting the assets, thereby, limiting downside.
Garry Tan, who was initially a Microsoft employee then become the executive of $20 billion startups ‘Palantir’, then become the founder of the Initialized Capital; he was among the first cryptocurrency bulls in the renowned Silicon Valley.
Garry Tan Ethereum accumulation
Per the latest article, Garry Tan’s fund Initialized Capital was one of the earliest investors in trailblazers such as Coinbase and Instacart. Tan was a seed investor in the Coinbase that is worth $8 billion according to its latest evaluation. Garry revealed through his Twitter account that he is in possession of some Bitcoin, which were given to him by Brian Armstrong of Coinbase.
I remember receiving a whole bitcoin from @brian_armstrong when he first launched Coinbase. It was like $10.
— Garry Tan (@garrytan) May 17, 2020
Now it is crystal clear that he is now onto Ethereum accumulation as well.
Started accumulating $ETH again
— Garry Tan (@garrytan) May 31, 2020
On 30th May he tweeted that he has begun accumulating Ethereum again and he would hold them for the long term due to the taxes. Though the amount of ETH he owns or is buying is yet not clear, however, it indicates that a wider disposition of investors accumulating the digital asset over past months.
Furthermore, there have been reports circulating regarding the anonymous Ethereum whales onto Ethereum accumulation. Per the reports, the top 100 Ethereum wallets in terms of holding size have increased their holding to a ten-month high, with more than $4.5 billion worth of assets in their possession, which is tantamount of mass Ethereum accumulation.
Santiment, the blockchain analytics company upon finding out about this stated that in the past two days, around $30 million was deposited in these addresses.