Ethereum Whale Bulk Purchases of $187 Million ETH in 3 Days, Expecting Further Surge

In recent on-chain data from Spot On Chain, the Ethereum whale is appears It has engaged in significant accumulation activity, generating interest and speculation within the ETH community.

According to the platform, the whale address in question has purchased a total of 64,501 ETH over the past three days, which is worth about $187 million at current market prices.

Ethereum Whale Accumulation

Spot On Chain reported earlier today that whales acquired approximately 13,526 ETH at an average price of $2,947 per ETH. Valued at over $39 million, this accumulation adds to the whale’s already significant holdings, suggesting optimism about Ethereum’s future trajectory.

According to data from the platform, the whale withdrew 10,136 ETH from Binance while purchasing 3,390 ETH from 1inch. These purchases brought the whale’s ETH accumulation over the past three days to a total of 64,501 ETH.

Spot On Chain also withdrew an additional 40 million USDT from Binance, sparking speculation that it might be used to purchase additional Ethereum.

According to the above portfolio image shared by Spot On Chain, the whale holds a total of 91,321 ETH in its wallet, in addition to approximately $49.8 million worth of USDT and 5,485 STETH. The total value of these assets is estimated at $334 million.

Giant whale 0x7a9 is estimated to have purchased 13,526 $ETH ($39.85M) back to ~$2,947!
• 10,136 were withdrawn. $ETH From ($29.85M) #Binance
• 3,390 purchases $ETH to 10M $USDT #1 inch

In total, the whales purchased 64,501 units. $ETH ($185.5M) in the last 3 days!

It also withdrew an additional $40 million. $USDT …at… https://t.co/UHIVXfx6Wq pic.twitter.com/ySbvIv2mux

— Spot on Chain (@spotonchain) February 21, 2024

Ethereum price action and expert sentiment

Ethereum continues to show bullish momentum, rising nearly 6% over the past week. However, despite briefly surpassing $3,000, Ethereum has rebounded slightly over the past 24 hours, trading around $2,900 at the time of writing.

The decline has not dampened optimism within the cryptocurrency community, with many expecting further upside. Industry experts are weighing in on Ethereum’s performance, with Stefan von Haenisch of OSL SG Pte in Singapore noting that the cryptocurrency has the potential to surpass Bitcoin in the coming months.

Haenisch believes this optimism is partly due to speculation surrounding the potential approval of spot Ethereum exchange-traded funds in the United States. Michaël van de Poppe, CEO of MN Trading, echoed this sentiment, predicting that Ethereum is likely to surge from $3,800 to $4,500 soon.

#Ethereum We’re heading towards $3,800-$4,500. pic.twitter.com/TfoBgloBsH

— Michael van de Poppe (@CryptoMichNL) February 19, 2024

Featured image by Unsplash, chart by TradingView

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