Ethereum Whales Accumulate
Data from on-chain analysts reveals that Ethereum whales, individuals or entities holding significant amounts of the digital asset, have been making substantial purchases in anticipation of a potential price surge. One prominent whale known as ‘0x9314’ spent $48 million to acquire 21,192 ETH at an average price of $2,265 per coin. This whale has accumulated nearly 80,000 ETH since January last year, mostly from decentralized exchanges and Binance. The purchases were financed through loans from DeFi protocols Aave and Liquidity, indicating bullish speculation on ETH’s future price increase. The whale’s investment has already gained a profit of 26%, totaling over $36.84 million.
Whales Acquire Bitcoin and Ethereum
Two other whales were identified by LookOnChain who acquired a significant amount of Bitcoin and Ethereum following the recent price drawdown. Combined, these entities bought over 1,300 ETH at $2,225. Blockchain analytical firm Santiment also confirmed that Ethereum’s largest self-custody wallets are accumulating the cryptocurrency at a rapid pace. These top 150 wallets now hold over 56 million ETH, an all-time high.
What’s Next For ETH Price?
The increased activity among whales has led to speculation about Ethereum’s potential price surge in the near future. A technical analyst known as CryptoBusy suggests that Ethereum will soon have its own Spot ETF and believes the current price is still underrated. Despite maintaining stability above the $2,150 mark and trading around $2,240 with a slight decrease in the last 24 hours, Ethereum has experienced a 2.5% decline over the past week.
Last year, Ethereum had a modest gain compared to other assets like Solana and is currently more than 50% down from its 2021 all-time high. However, market analysts remain optimistic about ETH’s price, with asset manager VanEck predicting a price of over $50,000 by 2030.
Hot Take: Ethereum Whales Accumulate in Anticipation of Price Surge
Ethereum whales are actively accumulating the cryptocurrency, taking advantage of price volatility and buying opportunities. These whales have made significant purchases, signaling their bullish outlook on Ethereum’s future. With the accumulation of ETH by large wallets and positive forecasts from market analysts, it is evident that there is anticipation for a potential price surge in the coming months. As Ethereum continues to be one of the leading cryptocurrencies in the market, the actions of these whales may serve as an indicator of future price movements.
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