Ethereum Whales Accumulate $64.2 Million in ETH as Price Surges Above $3,000
The recent price rally of Ether (ETH) and its surge above the $3,000 level has attracted the attention of whales, who are now on an accumulation spree. According to on-chain analytics platform Lookonchain, ETH whales have withdrawn over $64 million worth of the cryptocurrency in the past six days for various purposes, including staking.
ETH Whales Withdraw $64.2M
Lookonchainโs data revealed that one particular whale with the address 0x8B94 withdrew 14,632 ETH worth $45.5 million from Binance, the worldโs largest crypto exchange, over the past six days. This whale conducted six transactions to move the assets, with the first transaction occurring on February 20.
On February 23, this whale transferred 10,820 ETH for staking and subsequently withdrew the remaining 3,850 ETH between February 24 and 25. At the time of writing, the whaleโs balance was 4.7 ETH, equivalent to approximately $14,500.
In addition to whale 0x8B94, two new large wallets identified as 0x8Fa5 and 0xBa74 withdrew 3,000 ETH each from Kraken, a popular crypto exchange, on February 24 and 25 respectively. It is unclear whether these wallets belong to the same user as there are no other recorded transactions in their histories. The value of each walletโs withdrawn ETH was approximately $9.26 million at the time of writing.
ETH Hits 2-Year High
The whale withdrawals coincide with ETHโs current price level above $3,000. According to CoinMarketCap, ETH has experienced a 2% increase in the past 24 hours and has reached levels last seen in the spring of 2022.
Although there have been brief pullbacks after surpassing $3,000 multiple times in recent days, analysts believe that the rally could continue and ETHโs price will continue to soar in the near future.
The reasons behind Etherโs recent surge are not specific, but several factors could be contributing to its performance:
- The potential approval of spot Ethereum exchange-traded funds (ETFs) in the U.S., which is highly anticipated following the Securities and Exchange Commissionโs approval of nine spot Bitcoin ETFs over a month ago.
- The upcoming Dencun upgrade, which aims to address high gas fees and slow transaction speeds on the Ethereum network, making layer-2 solutions more efficient and affordable.
Hot Take: ETH Whales Capitalizing on Price Rally
As the price of Ether continues to rise above $3,000, ETH whales are taking advantage of this upward momentum by accumulating more cryptocurrency. With over $64 million worth of ETH withdrawn in just six days, these whales are positioning themselves for potential future gains.
This accumulation strategy suggests that these whales have confidence in ETHโs long-term prospects and believe that its price will continue to rise. By staking their holdings or simply holding onto them, they are betting on the value of ETH increasing even further.
If youโre a crypto enthusiast watching this market activity, itโs important to stay informed about whale movements and other market trends. Paying attention to these developments can provide insights into the overall sentiment and potential future price movements of cryptocurrencies like Ether.
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