Ethereum rebounds above $3000 as whales accumulate
After falling below $2,900 last week, Ethereum showed signs of recovery, rising above $3,000 and currently trading at $3,200.
According to on-chain reports, whales have been actively accumulating ETH, contributing to the recent rise of the token.
There are indications that prominent cryptocurrency figure Justin Sun may have acquired 127,388 ETH worth $405.19 million since April 8, according to Lookonchain data.
This activity coincides with a significant amount of 787 million USDT being deposited into Tron’s Binance since March 31 through wallets suspected to be linked to Sun.
did #justin sun 127,388 purchases $ETH($405.19M) After April 8?
suspicious wallet #justin sun Deposited $787 million $USDT to #Binance In ~ #tron From March 31st.
Additionally, a mysterious wallet was created on March 31st. #Ethereum withdrew $96.8 million worth of stablecoins. #Binance.
this is… pic.twitter.com/OcEovodUrc— Lookonchain (@lookonchain) April 22, 2024
Also on the same day, a mysterious wallet appeared on the Ethereum network, withdrawing $96.8 million worth of stablecoins from Binance and then purchasing 127,388 ETH at an average price of $3,172 on both Binance and a decentralized exchange (DEX).
Further revelations about Ethereum whale wallets and movements
Further analysis revealed that the wallet suspected to belong to Justin Sun had previously acquired 168,369 ETH, worth $487 million, from Binance and DEX between February 12 and February 24 at an average price of $2,894.
Considering the similar trading behavior of these two wallets, it is likely that they are both owned by Sun. If confirmed, Sun’s total ETH acquisitions since February 12 will be 295,757 ETH, valued at $891 million, with an average purchase price of $3,014 on Binance and DEX.
this whale lasted a long time $ETH again.
He lost twice in a long time. $ETHA total loss of $4.5 million!
In the last hour he has withdrawn 8,249. $ETHFrom ($26.18M) #Binance And deposited it. #compoundThen borrowed 17.3 million $USDT from #compound.https://t.co/fdHFQdxHdJ pic.twitter.com/T2VMJtwAhE
— Lookonchain (@lookonchain) April 21, 2024
Another whale took a long position in ETH, totaling $4.5 million, despite two losses from similar efforts in the last 24 hours. The whale withdrew 8,249 ETH, equivalent to $26.18 million, from Binance and deposited it into Compound, then borrowed 17.3 million USDT from the platform.
These recent movements within the Ethereum ecosystem, particularly the accumulation of notable figures such as Whales and Justin Sun, suggest growing confidence in the token’s potential for future growth. Investors are closely monitoring these developments to gain insight into market sentiment and potential price trends.
Disclosure: This is not trading or investment advice. Always do your research before purchasing cryptocurrency or investing in any service.
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