A Large Entity Accumulates 41,779 Ethereum Worth $76.8 Million Since September
A significant player in the crypto market has been observed accumulating a substantial amount of Ethereum (ETH) over the past couple of months, as ETH continues to rise in value. Blockchain tracker Lookonchain has revealed that a “giant whale” has purchased over $76.8 million worth of ETH since September and is currently profiting by more than $13 million.
Lookonchain’s data indicates that this whale borrowed an additional 2 million DAI and acquired 921 ETH at a price of $2,171. In total, the whale has bought 41,779 ETH ($76.8 million) from Binance and decentralized exchanges (DEX) since September 19, with an average buying price of approximately $1,838. At the current price, their profit stands at around $13.3 million.
DAI Borrowing Strategy
According to Lookonchain, this giant whale seems to be consistently borrowing the decentralized stablecoin DAI to fund their ETH purchases. Additionally, another entity has recently created a new wallet and built a substantial position for itself before ETH experienced significant rallies.
This new investor started by depositing their ETH in Spark, a DAI-focused borrowing and lending platform, before ultimately going long on Binance. They have withdrawn 2,685 ETH ($5.78 million) from Binance and borrowed 4.25 million DAI.
Current Ethereum Price
As of now, ETH is trading at $2,252, marking a 10% increase over the past seven days.
Hot Take: A Whale’s Buying Spree Boosts Ethereum’s Value
An unidentified large-scale investor has been making significant purchases of Ethereum, driving up its value. This “giant whale” has accumulated 41,779 ETH ($76.8 million) since September, resulting in a profit of over $13 million. By borrowing the decentralized stablecoin DAI, the whale has been able to fund their buying spree effectively.
In addition, another entity created a new wallet and strategically built a large ETH position before the recent price rallies. Their moves, such as depositing ETH in Spark and ultimately going long on Binance, have enabled them to withdraw millions of dollars’ worth of ETH and borrow millions of DAI.
The growing interest from these whales indicates bullish sentiment in the Ethereum market, contributing to its rising price.
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