Ethereum Whale Buys $187 Million ETH In 3-Day Spree, Anticipating Further Surge?
February 21 2024 - 8:00PM
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In recent on-chain data from Spot On Chain, an Ethereum whale
appears to have engaged in significant accumulation activity,
sparking interest and speculation within the ETH community.
According to the platform, the whale address in question has
purchased a total of 64,501 ETH in the past three days, amounting
to roughly $187 million at current market prices, Related Reading:
Behind Ethereum’s Surge: Here’s How This Whale Is Taking Advantage
Of The ETH Rally Ethereum Whale Accumulation Spot On Chain reported
that earlier today, the whale acquired approximately 13,526 ETH at
an average price of $2,947 per ETH. This accumulation, valued at
over $39 million, adds to the already substantial holdings of the
whale, suggesting a bullish outlook on Ethereum’s future
trajectory. The platform’s data further reveals that the whale
withdrew 10,136 ETH from Binance while purchasing 3,390 ETH from
1inch. These purchases have compounded the whale’s accumulation of
ETH in the past three days to a total of 64,501 ETH. Additionally,
Spot On Chain highlights the withdrawal of an additional 40 million
USDT from Binance, prompting speculation regarding its potential
use for further Ethereum purchases. According to the portfolio
image above that Spot On Chain shared, the whale’s wallet holds a
total of 91,321 ETH, in addition to approximately $49.8 million
worth of USDT and 5,485 STETH. These assets, in total, are
estimated to be $334 million. Giant whale 0x7a9 allegedly bought
13,526 $ETH ($39.85M) at ~$2,947 again! • withdrew 10,136 $ETH
($29.85M) from #Binance • bought 3,390 $ETH with 10M $USDT #1inch
Overall, the whale has bought 64,501 $ETH ($185.5M) in the past 3
days! It also withdrew another 40M $USDT from…
https://t.co/UHIVXfx6Wq pic.twitter.com/ySbvIv2mux — Spot On Chain
(@spotonchain) February 21, 2024 Ethereum’s Price Action And Expert
Sentiment Ethereum has continued to showcase bullish momentum,
trading up by nearly 6% over the past week. However, despite
briefly surpassing the $3,000 mark, Ethereum has retraced slightly
in 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 upward movement. Industry
experts have weighed in on Ethereum’s performance, with Stefan von
Haenisch of OSL SG Pte in Singapore noting the cryptocurrency’s
potential to outperform Bitcoin in the coming months. Related
Reading: Ethereum Price Tops $3,000, But ‘Is Completely Detached
From Reality’: Expert Haenisch attributes this optimism partly to
speculation surrounding the potential approval of spot Ethereum
exchange-traded funds in the US. Michaël van de Poppe, CEO of MN
Trading, echoes this sentiment, forecasting a potential surge for
Ethereum to $3,800 to $4,500 shortly. #Ethereum is on its way
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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