In a noteworthy trend within the crypto ecosystem, Ethereum (ETH) whales are engaging in significant accumulation, 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 whale has amassed a total of 50,733 ETH, equivalent to $99.2 million, at an average price of $1,955.
The Lookonchain report also highlights another substantial player, “0x9314,” who invested 7.29 million USDT to acquire 2,800 ETH today. This whale, boasting a robust portfolio, has accumulated a total of 82,780 ETH, valued at around $150.3 million, with an average price of $1,816 since January 1, 2023.
The shift towards Ethereum by these whales aligns with a surge in large transaction volumes, as reported by data from IntoTheBlock. Transactions involving ETH worth at least $100,000 have witnessed a remarkable 65.99% increase in the past 24 hours.
This strategic move by Ethereum whales is contributing to a shift in the digital currency landscape, aiding Ethereum in regaining lost ground in terms of price action.
In the current market scenario, Ethereum has experienced an 11.42% surge in the past 24 hours, reaching $2,645.07 at the time of writing. This upward momentum is attributed, in part, to market excitement following the approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC). The approval has fueled optimism that a spot Ethereum ETF might follow suit, intensifying retail sentiment. Ethereum is now setting its sights on the $2,700 benchmark, driven by positive market dynamics and growing investor confidence.
