TL;DR
- Ethereum whales acquire 64,000 ETH in three days, valued at $185.5 million.
- The buildup suggests confidence in Ethereum in the face of market volatility.
- USDT withdrawals indicate possible future Ethereum purchases by whales.
The cryptocurrency market has been experiencing notable movements in recent days, especially when it comes to Ethereum.
A recent activity observed on the blockchain suggests a strong accumulation of Ethereum by large investors, known as whales, which is generating a significant impact on the market.
According to data shared by the Spot On Chain platform, an Ethereum whale has been acquiring large amounts of ETH since February 19.
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 #1inchOverall, 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
In a series of moves, this whale has purchased a total of 64,501 ETH in just three days, worth an estimated $185.5 million.
These massive purchases include the acquisition of 13,526 ETH at a price of around $2,947 each.
Additionally, the whale withdrew 10,136 ETH from the Binance exchange and purchased another 3,390 ETH using 10 million USDT through the 1inch platform.
This whale’s wallet now contains a total of 91,321 ETH, along with $49.8 million in USDT and 5,485 STETH, for a total asset value of $334 million.
This data reveals a considerable accumulation strategy by this whale, which could indicate a bullish outlook towards Ether.
The context of the Ethereum market is also important to understand the impact of these activities
ETH has seen a 30% rise in price since the start of the year, reaching a high of $3,033.
However, in the last 24 hours, the price has experienced some volatility, closing at $2,912 at the time of writing according to official data from CoinMarketCap, but failing to maintain support above $3,000.
This volatility is reflected in liquidations of $59.2 million worth of ETH positions in the last 24 hours, with short positions accounting for $32 million of these liquidations.
In addition to the Ether acquisitions, the whale also withdrew another 40 million USDT from Binance, which has led to speculation about possible future Ethereum purchases with these funds.
Ethereum accumulation activity by large whales is creating a significant impact on the market, with signs of growing confidence in the cryptocurrency by large investors.
This phenomenon is occurring against a backdrop of market volatility, suggesting the importance of closely monitoring the movements of these big players in the cryptocurrency ecosystem.
