In the crypto ecosystem, significant accumulation of Ethereum (ETH) by prominent whales is currently underway, as revealed by data from the crypto analytics platform Lookonchain. Today, a whale with the wallet address “0xAA15” executed a withdrawal of 5,762 ETH, valued at approximately $15.06 million, from Binance. Notably, this particular whale has amassed a total of 50,733 ETH, equivalent to $99.2 million, at an average price of $1,955 since September 19, 2023.
Further analysis from Lookonchain indicates that another whale, “0x9314,” recently spent 7.29 million USDT to acquire 2,800 ETH, contributing to the ongoing accumulation trend 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.
The notable shift towards Ethereum by these whales aligns with the overall surge in large transaction volumes, as reported by IntoTheBlock. Transactions involving ETH worth at least $100,000 have surged by 65.99% in the past 24 hours, totaling an impressive $8.2 billion.
Ethereum’s whales are playing a pivotal role in reshaping the dynamics of the digital currency, contributing to its efforts to regain lost ground in terms of price action.
In the midst of these developments, the price of Ethereum has surged by 11.42% in the past 24 hours, reaching $2,645.07 at the time of writing. This notable growth is attributed, in part, to the market excitement following the approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC). Anticipation is now mounting regarding a potential approval of a spot Ethereum ETF, further fueling retail sentiment as Ethereum sets its sights on the $2,700 benchmark.
