In an unprecedented move, an Ethereum (ETH) whale has completed a massive ETH buy worth around $155.7 million. This tremendous activity occurs as the price of Ethereum approaches $3,000, an optimistic indication for investors and enthusiasts alike. According to a recent tweet from Spot On Chain, a well-known cryptocurrency monitoring organisation, the unidentified whale made a series of clever acquisitions during the previous 24 hours.
Acquiring a whopping 54,721 ETH, these transactions were painstakingly carried out using a mix of withdrawals from Binance, one of the world’s top cryptocurrency exchanges, and swaps on 1inch, a well-known decentralised exchange aggregator. According to the exact breakdown of the transactions, the whale withdrew 19,226 ETH from Binance, totaling nearly $55.6 million.
https://x.com/spotonchain/status/1759462371213680926?s=20
In addition, the investor exchanged 10.1 million USDT (Tether) for 3,493 ETH, equivalent to about $65.7 million, via 1inch at an average price of around $2,893 per ETH in the last several hours. This rush of activity demonstrates the Ethereum whale’s aggressive investment approach and trust in Ethereum’s long-term worth.
Ethereum approaches $3,000
This large accumulation of ETH by the whale coincided with a significant increase in Ethereum’s market price and trading volume. The current price of ETH is $2,906, up 3.69% in the previous 24 hours and an astounding 16.51% over the last week. The 24-hour trading volume for Ethereum has also increased significantly, up 53.44% to $26.65 billion.
These measures not only represent increased investor trust in Ethereum, but also demonstrate the cryptocurrency’s resiliency and potential for future development. The Ethereum community and the larger cryptocurrency market are buzzing with conjecture about the consequences of this whale’s behaviour. Such large investments by high-net-worth people or companies frequently indicate a positive perspective for the asset’s future price movement.
Analysts believe that this might lead to increasing institutional interest in Ethereum, driving its price higher as it approaches the desired $3,000 milestone. Overall, the market waits with bated breath for the next wave of advances in this ever-changing field.
