Recent on-chain data from Spot On Chain has revealed the intriguing activities of an Ethereum whale, causing a stir within the ETH community. The whale address in question has been involved in substantial accumulation, with a total purchase of 64,501 ETH over the past three days. This amounts to approximately $187 million at current market prices. The most recent acquisition saw the whale obtain 13,526 ETH at an average price of $2,947 per ETH, totaling over $39 million. This surge in buying activity suggests a bullish outlook on the future trajectory of Ethereum.
Spot On Chain’s data also highlights additional transactions made by the whale, including the withdrawal of 10,136 ETH from Binance and the purchase of 3,390 ETH from 1inch. These operations have combined to increase the total accumulation of ETH by the whale to 64,501 within the past three days. Furthermore, the withdrawal of 40 million USDT from Binance has sparked speculation regarding its potential use for further Ethereum purchases.
According to the portfolio image shared by Spot On Chain, the whale’s wallet currently holds a staggering 91,321 ETH, alongside approximately $49.8 million worth of USDT and 5,485 STETH. In total, these assets amount to an estimated $334 million. The scale of these holdings underscores the significant influence that whales can have on the cryptocurrency market, particularly Ethereum.
Despite a recent pullback in price, Ethereum has demonstrated strong bullish momentum, trading up by nearly 6% over the past week. Although the digital asset briefly surpassed the $3,000 mark, it has retraced slightly to around $2,900 at the time of writing. This minor correction has not diminished overall optimism within the crypto community, as many anticipate further upward movement.
Industry experts have offered their insights on Ethereum’s performance, with Stefan von Haenisch of OSL SG Pte in Singapore highlighting the cryptocurrency’s potential to outperform Bitcoin in the coming months. Haenisch attributes this optimism in part to speculation surrounding the approval of spot Ethereum exchange-traded funds in the US. Michaël van de Poppe, CEO of MN Trading, has also expressed optimism, predicting a potential surge for Ethereum to reach $3,800 to $4,500 in the near future.
The recent activities of Ethereum whales, such as the significant accumulation by the aforementioned whale address, have played a crucial role in shaping market sentiment and driving price action within the ETH community. As the cryptocurrency landscape continues to evolve, the actions of these large holders will remain influential in determining the direction of the market. Investors and observers alike are advised to closely monitor the activities of whales and stay informed about potential market-moving developments.
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