In recent on-chain data from Spot On Chain, an Ethereum whale appears to have been involved in significant accumulation activities, which has sparked interest and speculation within the ETH community.
According to the platform, the whale address in question has purchased a total of 64,501 ETH over the past three days, which amounts to approximately $187 million at current market prices.
Accumulation of Ethereum whales
Spot On Chain reported that the whale acquired approximately 13,526 ETH earlier today at an average price of $2,947 per ETH. This accumulation, valued at over $39 million, adds to the whale’s already substantial assets, suggesting a bullish view of Ethereum’s future trajectory.
The platform’s data further shows that the whale withdrew 10,136 ETH from Binance, while purchasing 3,390 ETH from 1inch. These purchases have increased the whale’s ETH accumulation over the past three days to a total of 64,501 ETH.
In addition, Spot On Chain highlights the withdrawal of another 40 million USDT from Binance, sparking speculation about its possible use for further Ethereum purchases.
According to the portfolio image above that Spot On Chain shared, the whale’s wallet contains a total of 91,321 ETH, in addition to approximately $49.8 million in USDT and 5,485 STETH. These assets are valued at $334 million in total.
Giant whale 0x7a9 is said to have bought 13,526 $ETH ($39.85 million) again for ~$2,947!
• withdrew 10,136 $ETH ($29.85 million) from #Binance
• 3,390 purchased $ETH with 10M $USDT #1 inchIn total, the whale purchased 64,501 $ETH ($185.5 million) in the last 3 days!
It also withdrew another 40 million $USDT by… https://t.co/UHIVXfx6Wq pic.twitter.com/ySbvIv2mux
— Spot On Chain (@spotonchain) February 21, 2024
Ethereum’s price action and expert sentiment
Ethereum continued to show bullish momentum, rising nearly 6% over the past week. Despite briefly breaching the $3,000 mark, Ethereum has seen a slight decline in price over the past 24 hours, trading around $2,900 at the time of writing.
This pullback has not dampened optimism within the crypto community, with many anticipating further upside. Industry experts have spoken out on Ethereum’s performance, along with Stefan von Haenisch from OSL SG Pte in Singapore noticing the cryptocurrency’s potential to outperform Bitcoin in the coming months.
Haenisch attributes this optimism in part to speculation surrounding the possible approval of Ethereum exchange-traded funds in the US. Michaël van de Poppe, CEO of MN Trading, echoes this sentiment, predicting a potential rise for Ethereum to $3,800 to $4,500 soon.
#Ethereum is heading towards $3,800-4,500. pic.twitter.com/TfoBGloBsH
— Michaël van de Poppe (@CryptoMichNL) February 19, 2024
Featured image from Unsplash, chart from TradingView
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