As the crypto market rides the bullish wave, a significant Ethereum (ETH) whale has capitalized on the momentum, accumulating a whopping $155.7 million in ETH. This move coincides with Ethereum’s approach to the $3,000 mark, sparking optimism among investors.
Read more about this (and what it means for you) below!
Whale Moves in Focus
SpotOnChain, a leading cryptocurrency analysis firm, recently highlighted the anonymous whale’s strategic moves in a tweet, revealing that in just 50 minutes, the influential whale secured 22,719 Ethereum (ETH), making an impressive investment of $65.7 million.
The whale’s strategy involved a two-pronged approach. Firstly, a significant withdrawal of 19,226 ETH (worth $55.6 million) was made directly from the well-known cryptocurrency exchange, Binance.
Simultaneously, the whale opted for a decentralized approach, swapping 10.1 million USDT for 3,493 ETH through the decentralized finance (DeFi) platform 1inch. This dual move showcases the whale’s agility in navigating both centralized and decentralized aspects of the crypto space.
Also Read: Ethereum (ETH) Price Surges Past $2,900, Overperforming Bitcoin in Recent Rally
24-Hour Buying Spree
The buying momentum didn’t stop there. Over the last 24 hours, this crypto whale has been on a buying spree, accumulating a total of 54,721 ETH through transactions on Binance and 1inch.
The estimated cost for this substantial ETH acquisition stands at approximately $155.7 million, with an average purchase price hovering around $2,845 per ETH.
Amidst the broader cryptocurrency market’s fluctuations, the whale’s acquisition spree, with an average purchase price of around $2,845 per ETH, indicates a level of strategic precision. This has stirred curiosity within the crypto community, prompting speculation about the motivations and implications behind such a significant investment.
Ethereum is Catching Momentum!
Analysts suggest that this move could attract more attention from institutional investors toward Ethereum. The excitement around the potential launch of a spot ETH ETF might 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 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.
Source: https://coinpedia.org/news/massive-whale-bought-155-7-million-worth-of-ethereum-making-price-soar-to-almost-3000/