ETH Price Surges as Ethereum Whales Accumulate
Ethereum (ETH) has seen a significant surge in price, rising nearly 20% in the past week. This increase has been supported by substantial accumulation by whale entities, reflecting growing confidence in the altcoin. One Ethereum whale, identified by Spot On Chain, made several large purchases within a short period of time. In total, the whale acquired 54,721 ETH, equivalent to $155.7 million, within 24 hours.
Bullish Performance and Shrinking Supply
Ethereum has demonstrated a bullish performance throughout February. The Beacon Chain’s staked Ether has surged to 30,206,801 ETH, locking up nearly a quarter of the total circulating supply. This shrinking supply is expected to further boost Ethereum’s price trajectory.
The Race for an Ethereum ETF
Another catalyst for Ethereum’s price increase is the race for a spot Ethereum ETF. Several institutions, including Franklin Templeton, BlackRock, Fidelity, and Grayscale, have expressed interest in launching an Ethereum ETF. Following the success of spot Bitcoin ETFs launched in January, these institutions see similar opportunities with ETH.
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