Whale’s Enormous Ethereum Purchase of $155.7 Million Sends Price Soaring Close to $3,000

As the cryptocurrency market enters a bullish phase, a significant Ethereum (ETH) investor has taken advantage of the opportunity by making a massive acquisition of $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 reputable cryptocurrency analysis firm, sheds light on this anonymous whale’s acquisition. In just 50 minutes, the whale managed to secure 22,719 ETH, making a noteworthy investment of $65.7 million.

The acquisition strategy involved withdrawing 19,226 ETH, equivalent to $55.6 million, directly from the prominent cryptocurrency exchange Binance. Simultaneously, the whale opted for a decentralized approach by swapping 10.1 million USDT for 3,493 ETH through the decentralized finance platform 1inch. This demonstrates 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, the whale continued to accumulate ETH through transactions on Binance and 1inch, reaching a total of 54,721 ETH. 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 acquisition spree by the whale comes at a time when the broader cryptocurrency market is experiencing notable fluctuations. The strategic precision in the average purchase price has sparked curiosity within the crypto community about the potential motivations and implications of such a substantial investment.

Some analysts believe that this acquisition could attract more attention from institutional investors towards Ethereum. The growing excitement around the potential launch of a spot ETH ETF might further drive up Ethereum’s price as it approaches the significant milestone of $3,000.

Interestingly, this buying activity aligns with a significant surge in the price of Ethereum, surpassing the $2,910 mark with a 3.69% increase. In the last 24 hours, Ethereum’s trading volume has also seen a significant surge, jumping by 53.44% to reach $26.65 billion.