Within the cryptocurrency ecosystem, a significant trend of mega accumulation of Ethereum (ETH) by whales is currently underway. According to data from the crypto analytics platform Lookonchain, a whale with the wallet address “0xAA15” executed a substantial withdrawal of 5,762 ETH, valued at approximately $15.06 million, from Binance earlier today. The cumulative activity of this whale includes the purchase of 50,733 ETH, equivalent to $99.2 million, at an average price of $1,955 since September 19, 2023.
In parallel, Lookonchain reports that another influential whale, identified as “0x9314,” invested 7.29 million USDT to acquire 2,800 ETH today, contributing to the ongoing accumulation of the second-largest cryptocurrency. This particular whale boasts a robust portfolio, having accumulated a total of 82,780 ETH, valued at approximately $150.3 million, at an average price of $1,816 since January 1, 2023.
This intriguing development aligns with the broader market trend, as large transaction volumes in Ethereum have surged to $8.2 billion, reflecting an impressive 65.99% increase in the past 24 hours, according to data from IntoTheBlock. These large transactions, involving ETH worth at least $100,000, indicate significant activity within the Ethereum network.
Ethereum’s whales are emerging as key players influencing the digital currency‘s trajectory as it strives to recover lost ground in the market. Notably, Ethereum’s price has surged by 11.42% in the past 24 hours, reaching $2,645.07 at the time of writing. The cryptocurrency’s upward momentum has been attributed, in part, to market excitement following the approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC). This regulatory milestone has not only boosted sentiment within the crypto space but has also fueled retail interest, with Ethereum now setting its sights on the $2,700 benchmark. Investors and enthusiasts are closely monitoring the evolving dynamics as Ethereum continues to make significant strides.
