The current buy-up of Ethereum (ETH) by an unidentified whale has caused marketwide debate. Data from Lookonchain, a cryptocurrency analytics website, indicates that the Ethereum whale removed 6,030 ETH from Binance a few hours ago.
Based on the asset’s price when the transaction was started, the withdrew Ethereum is valued around $18.09 million. Because he is long Ethereum, this specific whale has a very strong interest in the cryptocurrency. This whale has purchased 10,758 ETH worth $32.14 million from Binance since at least May 2, according to his on-chain activity.
This whale interacts with other currencies in the blockchain’s ecosystem in addition to directly accumulating Ethereum. According to Lookonchain, the whale just switched from ETH to stETH. After depositing these money into Aave, he used the stablecoins he had borrowed to purchase additional Ethereum.
What makes Ethereum appealing right now is still unknown. As of this writing, the coin’s value has dropped by 0.37% in the last 24 hours to $2,970.75. With this, the cryptocurrency hopes to rebound to its psychologically significant $3,000.
The market has consistently rejected Ethereum’s attempts to regain this level as daily volume fluctuation and instability have soured sentiment. Still, new ideas to improve the technique continue to emerge, with expectations to reverse the overall negative trend.
Cofounder Vitalik Buterin recently shared fresh ideas on how to address the ongoing petrol charge issue with the protocol. Prior to this, he co-authored a proposal aimed at preparing the smart contract wallets of the protocol for a world when quantum computers rule.
Given the Ethereum ecosystem’s prognosis, the whale that is hoarding the currency may profit in the short run from a possible bullish spike.
