An Ethereum (ETH) whale apparently made a massive investment, buying $166 million worth of ETH in just three days. According to a recent Spot On Chain report, the unknown investor has been aggressively acquiring big sums of ETH, with transactions taking place on key platforms including as Binance and 1inch.
According to Spot On Chain, the whale’s most recent transaction utilised a large sum of 10.01 million USDT to acquire 3,413 ETH at an approximate pricing of $2,933 per ETH roughly nine hours ago. This new acquisition is part of a bigger purchasing frenzy in which the investor has acquired 58,134 ETH at an average price of about $2,850 per ETH over the last three days.
https://x.com/spotonchain/status/1760115775078375746?s=20
As the cryptocurrency world buzzes with anticipation and interest, the whale’s remaining balance of 19.89 million USDT hints that their market activity may not be over. It is quite likely that they will continue to trade this remaining amount for additional Ethereum, thus impacting market dynamics.
Ethereum price eyes further gains
The significance of such large deals should not be underestimated. The current market price of Ethereum is $2,919, up 0.14% in the previous 24 hours. Most significantly, ETH has increased by 17.94% in the previous 30 days, indicating increasing interest and optimism in the cryptocurrency. Furthermore, the Ethereum market is experiencing an overall increase in activity.
The 24-hour trading volume for ETH has increased by 45.18%, reaching $21.21 billion. This increased activity indicates a strong and engaged market environment for Ethereum. CoinGlass data shows that Ethereum’s Open Interest increased by 1.02% in the previous day, reaching $10.58 billion.
A large chunk of this interest is centred on big exchanges, with Binance leading with $2.63 billion, followed by Bybit with $1.65 billion and OKX with $864.89 million, among others. Overall, the activities of this Ethereum whale and the associated market dynamics serve as a stark reminder of the substantial influence that large-scale transactions may have on markets.
