Ethereum Whales Drive Market Surge

Mega Accumulation by Ethereum Whales

Ethereum is experiencing significant accumulation by major investors, known as whales, within the cryptocurrency market. A notable whale recently withdrew 5,762 ETH, valued at approximately $15.06 million, from Binance. Since September 19, 2023, this investor has accumulated a total of 50,733 ETH, amounting to $99.2 million, at an average price of $1,955.

Another whale made headlines by spending 7.29 million USDT to acquire 2,800 ETH. This whale boasts a substantial portfolio, having amassed 82,780 ETH worth approximately $150.3 million at an average price of $1,816 since January 1, 2023.

Large Transaction Volumes Surge

The accumulation trend is complemented by a notable increase in large transaction volumes. According to data, transactions involving at least $100,000 worth of ETH have surged by 65.99% in the last 24 hours. This activity is a testament to the strategic moves by Ethereum whales, who are playing a pivotal role in shifting market dynamics.

Ethereum's Price Action

Ethereum's price has surged by 11.42% in the past 24 hours, reaching $2,645.07. This growth follows a low of $2,353.93, driven by market excitement around the approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC). This development is fueling positive market sentiment, with Ethereum now targeting the $2,700 mark.

The actions of Ethereum whales and the broader market sentiment are crucial in shaping the cryptocurrency's recovery and future price trajectory. As these large investors continue to accumulate, Ethereum remains a focal point of interest in the crypto ecosystem.