Massive ETH Buying By Whales Ahead Of Ethereum Shanghai Upgrade

Whale data reveals massive whale activity in the last few days. Crypto whales are purchasing ETH worth millions ahead of the most-awaited Ethereum Shanghai upgrade that will enable staked Ethereum withdrawals.

Whale Alert reports several transfers of ETH from crypto exchanges to wallets in the last 24 hours. Recently, 11,529 ETH worth $20 million was transferred from Bitfinex. Another transfer of 13,341 ETH worth $23 million from Bitfinex was also noted.

A few hours ago, a whale moved 72,999 ETH worth $129 million from a wallet to another wallet. It is suspected that the wallets belong to the same whale as both have almost the same type of tokens. The receiving wallet then transferred 83,000 ETH worth $145 million to an unknown wallet.

More ETH transfers including ETH 20,899 from Coinbase, 12,499 ETH from Binance, 21,451 from Coinbase, and 14,070 ETH from Bitfinex were also reported by Whale Alert.

These Ethereum (ETH) purchases by whales continued since the start of the week. On Thursday, a whale purchased 167,696 ETH worth 293 million from Gemini.

Glassnode data reveals the number of ETH withdrawals from crypto exchanges hitting a 3-month high of 3,181.030. Moreover, the number of “non-zero addresses” for Ethereum has reached an ATH of 96,112,215.

Ethereum Price To Hit $2000 Near Shanghai Upgrade

The Ethereum Shanghai mainnet upgrade is scheduled to happen on April 12 at 10:27:35 PM UTC, as per the announcement by Ethereum core developers.

Moreover, the ETH staked on the Beacon chain has also jumped to 17,852,023 worth $31.31 billion amid the rise in staking activity due to the Shanghai upgrade, as per Etherscan.

ETH price is currently trading at $1,756, up 1% in the last 24 hours. The 24-hour low and high are $1,730 and $1,780, respectively. Crypto analysts including Michael van de Poppe are bullish on ETH breaking $2000. 

Also Read: Cardano Reaches Historic Milestone, Popular Analyst Predicts ADA Price To Hit $15

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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