Cryptocurrency whales have been accumulating the second-largest cryptocurrency by market capitalization Ethereum ($ETH), adding as much as 26,841 ETH to their positions in a single day as the price of the cryptocurrency drops.

According to data shared by on-chain analysis firm Lookonchain, various whales have been withdrawing large amounts of ETH from cryptocurrency exchanges, with one whale moving 7,779 ETH worth around $18.7 million out of cryptocurrency exchange Binance, while another entity moved 8,077 ETH worth $19.4 million out of Bitfinex.

Per data from the Ethereum blockchain, another whale moved 3,228 ETH worth $7.8 million out of Binance, while six new wallets withdrew an additional 7,756 ETH worth $18.7 million out of Binance and Kraken.

These whales have been accumulating the second-largest cryptocurrency by market capitalization at a time in which its price has been dropping. ETH moved from around $2,500 to a low under the $2,200 mark before recovering slightly, and it’s now trading at $2,230, according to CryptoCompare data.

Ethereum’s price soared after the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, as investors started weighing the potential of a spot Ether ETF being approved by the U.S. Securities and Exchange Commission (SEC) as well.

Several companies have already filed to list a spot ether ETF in the United States. Ark 21 Shares and VanEck, both of which now have their own spot Bitcoin ETFs trading on exchanges, filed with the SEC back in September to list these funds while BlackRock, which recently listed its iShares Bitcoin Trust, filed to list an iShares Ethereum Trust in November.

Proponents of spot cryptocurrency ETFs believe these funds could draw in institutional and retail investors, as they allow them to gain exposure to the underlying asset without actually having to go to a centralized exchange or to manage the private keys of a cryptocurrency wallet.

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