Whales are continuously amassing enormous amounts of Ethereum (ETH) in the cryptocurrency ecosystem. Lookonchain, a crypto analytics website, reports that earlier today, a whale using the wallet address “0xAA15” removed 5,762 ETH from Binance, which is almost $15.06 million in value. Since September 19, 2023, this whale has purchased 50,733 ETH for a total of $99.2 million, averaging $1,955 in price.
Another whale, “0x9314,” paid 7.29 million USDT to purchase 2,800 ETH today, according to the Lookonchain perspective. About two hours ago, this whale joined the plethora of people who had accumulated the second-largest cryptocurrency. With a portfolio that is more substantial, this whale has amassed 82,780 ETH at an average price of $1,816 since January 1, 2023, making it worth over $150.3 million.
https://x.com/lookonchain/status/1745373944813904033?s=20
The fascinating migration to Ethereum by these whales complements the $8.2 billion in big transaction volumes according to statistics from IntoTheBlock. These huge transactions have increased by 65.99% in the last day and include ETH valued at least $100,000.
As Ethereum tries to make up ground lost to price action, its whales are significantly altering the rules of the game.
Ethereum price in mix
As of this writing, Ethereum is now trading at $2,645.07, up 11.42% over the previous day. From a 24-hour low of $2,353.93 to its current price, the cryptocurrency has increased in value, partly due to the market frenzy that followed the US Securities and Exchange Commission’s (SEC) approval of a spot Bitcoin ETF.
The belief that the spot Ethereum ETF may also be on the way is growing as a result of this approval. Retail sentiment has also been further pushed by this, with Ethereum now noticeably aiming for the $2,700 benchmark.
