In a noteworthy development within the cryptocurrency ecosystem, Ethereum (ETH) whales are actively accumulating significant amounts of the digital currency. According to data from the crypto analytics platform Lookonchain, one prominent whale, identified by the wallet address “0xAA15,” recently withdrew 5,762 ETH valued at approximately $15.06 million from Binance. Since September 19, 2023, this particular whale has acquired a total of 50,733 ETH, amounting to $99.2 million, at an average price of $1,955.
Another substantial player in the Ethereum market, identified by the wallet address “0x9314,” engaged in a notable transaction today by spending 7.29 million USDT to acquire 2,800 ETH. This move adds to their existing portfolio, which comprises a total of 82,780 ETH valued at approximately $150.3 million. Notably, this accumulation has been ongoing since January 1, 2023, with an average acquisition price of $1,816.
The strategic shift towards Ethereum by these whales aligns with the overall trend of large transactions in the market. According to data from IntoTheBlock, transactions involving ETH worth at least $100,000 have surged by 65.99% in the past 24 hours, totaling an impressive $8.2 billion.
The influence of Ethereum’s whales is becoming increasingly apparent as the digital currency seeks to regain lost ground in terms of price action. This surge in accumulation is contributing to a positive market sentiment for Ethereum.
As of the latest update, Ethereum has experienced an 11.42% increase in the past 24 hours, reaching a value of $2,645.07. This substantial growth, from a 24-hour low of $2,353.93, is attributed in part to the prevailing market excitement following the approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC). The approval has sparked optimism that a spot Ethereum ETF may be on the horizon, further fueling retail sentiment. Ethereum is now eyeing the $2,700 benchmark as market dynamics continue to evolve.
