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- Whales are buying a lot of Ethereum as its price keeps going up.
- A big investor has bought millions of dollars worth of Ethereum recently.
- Ethereum’s price is up, but there’s been some selling too.
In the ever-evolving cryptocurrency landscape, Ethereum has notably surged by over 30% since the dawn of 2024, now hovering around the $3,000 mark. This uptrend in Ethereum’s price has sparked considerable interest, particularly among large-scale investors colloquially called “whales.”
Recent observations in on-chain data suggest these whales’ significant accumulation of Ethereum, indicating a bullish sentiment towards the digital asset.
Spot On Chain unveils whale accumulation
Spot On Chain, a prominent platform known for sharing on-chain data insights, made waves today with revelations regarding substantial Ethereum acquisitions by a whale address. According to the platform’s data, this whale address procured approximately 13,526 ETH at an average price of $2,947 per ETH, amassing a total value exceeding $39 million.
Notably, the whale withdrew 10,136 ETH from Binance while purchasing 3,390 ETH via 1inch. Moreover, Spot On Chain disclosed that within the past three days, the whale had acquired a staggering 64,501 ETH, equivalent to a valuation surpassing $187 million at current market prices.
Adding fuel to the speculation fire, Spot On Chain raised eyebrows by reporting an additional withdrawal of $40 million USDT from Binance by the aforementioned whale. This move sparked intrigue, prompting speculation regarding its potential allocation towards further Ethereum acquisitions.
Detailed examination of whale holdings
A deeper dive into the wallet of the scrutinized whale reveals a substantial Ethereum holding of 91,321 ETH, alongside assets totaling $334 million, encompassing $49.8 million worth of USDT and 5,485 STETH.
Spot On Chain’s data further unveils previous significant transactions by this whale, notably a purchase of 32,002 ETH amounting to $93 million on February 19. Within 19 hours, the platform reported an additional acquisition of 21,353 ETH via 1 inch and a withdrawal of 10,649 ETH from Binance.
Market dynamics and liquidations
Despite Ethereum’s commendable price performance, recent market dynamics have exhibited volatility. In the last 24 hours, Ethereum experienced a marginal 0.17% increase in price, trading at $2,907. However, the digital asset faced resistance after closing its daily candle at $3,014, failing to sustain support above the $3,000 threshold.
Notably, CoinGlass data highlights the liquidation of ETH positions worth $59.2 million within the same period, with short positions constituting $32 million of these liquidations.
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Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.
Brian Koome
Brian Koome has over seven years of experience in blockchain and cryptocurrency reporting, having been active in the industry since 2017. He has contributed to leading publications, including BlockToday.com. Further, he developed the Ethereum 101 course for BitDegree.org before joining Cryptopolitan as a full-time writer. Brian covers evergreen guides (EGs), deep dives, interviews, and price analysis. His focus on DeFi, blockchain innovation, and emerging crypto projects delights readers.
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