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In a display of confidence, Ethereum's large holders, or whales, have been on a buying spree. According to data from IntoTheBlock, a staggering 175,000 ETH were scooped up in just the last two days.

This surge in accumulation is part of a broader trend observed over the past 30 days, with ETH whale wallets actively adding to their holdings.

According to IntoTheBlock, 175,000 ETH were scooped up in just the last two days. Over the past 30 days, ETH whale wallets have been actively accumulating.

The large holder netflow indicator, which tracks the buying and selling activities of wallets holding more than 0.1% of the total ETH supply, reveals that net outflows were recorded on only three days in the past month. This means that on most days, these large holders were net buyers, adding to their positions rather than selling off.

In total, large holder wallets have added over 1.7 million ETH in the past month. This indicates strong accumulation behavior among large holders, signaling confidence in Ethereum's future.

At the time of writing, Ethereum was down 0.09% in the last 24 hours to $2,617. The second-largest cryptocurrency was up 10% in the last seven days.

Market awaits key economic data

The crypto market is posting a mixed price action as investors await fresh economic data after Fed officials' latest remarks regarding the probable route forward for interest rates.

On Thursday, the latest weekly jobless claims figures will be announced, as well as September manufacturing and industrial production data. Investors will go through the data for clues about the strength of the US economy and consumer sentiment.

The news comes after many Fed officials signaled earlier this week that further rate cuts were coming. Fed Policymakers are anticipated to make more comments during the week.