Can the Ethereum Whale Behind $155M Purchase Push ETH Price to $3,000?
In the midst of a bullish crypto market, an Ethereum (ETH) whale has taken advantage of the momentum by accumulating a staggering $155.7 million worth of ETH. This coincides with Ethereum’s approach to the $3,000 mark, generating optimism among investors.
The strategic moves of this influential whale were recently highlighted by SpotOnChain, a leading cryptocurrency analysis firm. In just 50 minutes, the anonymous whale secured 22,719 ETH, making an impressive investment of $65.7 million.
The whale employed a two-pronged approach in their strategy. Firstly, they withdrew 19,226 ETH (worth $55.6 million) directly from the well-known cryptocurrency exchange, Binance. Simultaneously, they opted for a decentralized approach by swapping 10.1 million USDT for 3,493 ETH through the decentralized finance (DeFi) platform 1inch. This demonstrates the whale’s ability to navigate both centralized and decentralized aspects of the crypto space.
But the buying spree didn’t end there. Over the last 24 hours, the crypto whale continued to accumulate ETH, acquiring a total of 54,721 ETH through transactions on Binance and 1inch. The estimated cost of this significant ETH acquisition is approximately $155.7 million, with an average purchase price of around $2,845 per ETH.
Amidst the volatility of the broader cryptocurrency market, the whale’s strategic precision in acquiring ETH at an average price of $2,845 per ETH has sparked curiosity within the crypto community. Speculations about the motivations and implications behind this substantial investment have arisen.
Analysts suggest that this move could attract more attention from institutional investors towards Ethereum. The anticipation surrounding the potential launch of a spot ETH ETF may contribute to driving up Ethereum’s price as it approaches the significant $3,000 milestone.
Interestingly, the whale’s buying activity aligns with a notable surge in Ethereum’s price, surpassing the $2,910 mark with a 3.69% increase. Additionally, Ethereum’s trading volume has experienced a substantial 53.44% surge in the last 24 hours, reaching an impressive $26.65 billion.
The crypto community eagerly awaits to see how these strategic moves will continue to shape the Ethereum market.