Ethereum Whale Acquires ETH Valued at $155.7 Million, Price Nearing $3,000 Threshold
As the cryptocurrency market enters a bullish phase, a significant Ethereum (ETH) whale has taken advantage of the opportunity by making a massive acquisition, accumulating $155.7 million worth of ETH. This acquisition comes as Ethereum approaches the $3,000 mark, which has sparked optimism among investors.
In a recent tweet, SpotOnChain, a prestigious cryptocurrency analysis firm, sheds light on the anonymous acquisition made by the whale. In just 50 minutes, this influential whale secured 22,719 ETH, making a noteworthy investment of $65.7 million.
This whale allegedly bought another 22,719 ETH ($65.7 million) at an average price of $2,893 in the past 50 minutes, including withdrawing 19,226 ETH ($55.6 million) from Binance and swapping 10.1 million USDT for 3,493 ETH via 1inch. In total, the whale has allegedly bought 54,721 ETH via Binance.
This remarkable acquisition strategy involved the strategic withdrawal of 19,226 ETH, equivalent to $55.6 million, directly from Binance, one of the most prominent cryptocurrency exchanges. Simultaneously, the whale opted for a decentralized approach by conducting a swap of 10.1 million USDT for 3,493 ETH through the decentralized finance platform 1inch. This intricate move showcases the whale’s agility in navigating both centralized and decentralized aspects of the crypto space.
The buying spree didn’t stop there. Over the last 24 hours, this crypto whale has been accumulating a total of 54,721 ETH through transactions on Binance and 1inch. The estimated expenditure for this significant ETH acquisition stands at approximately $155.7 million, with an average purchase price of around $2,845 per ETH.
This whale’s acquisition spree comes at a time when the broader cryptocurrency market is experiencing notable fluctuations. The average purchase price indicates a level of strategic precision, which has sparked curiosity within the crypto community about the potential motivations and implications of such a substantial investment.
Some analysts believe that this could attract more attention from institutional investors towards Ethereum. The growing excitement around the potential launch of a spot ETH ETF might contribute to further driving up Ethereum’s price as it approaches the significant $3,000 milestone.
Interestingly, this buying activity aligns with a noteworthy surge in the price of Ethereum, surpassing the $2,910 mark, representing a 3.69% increase. In the last 24 hours, Ethereum’s trading volume has seen a significant surge, jumping by 53.44% to reach $26.65 billion.