Ethereum Whales Fuel Mega Accumulation Amidst Market Surge

Ethereum Whales Drive Accumulation

Ethereum (ETH) is witnessing substantial accumulation by whales, significantly impacting the crypto market. A notable whale recently withdrew 5,762 ETH, valued at approximately $15.06 million, from Binance. Since mid-September, this whale has accumulated a total of 50,733 ETH, spending around $99.2 million at an average price of $1,955.

Significant Whale Transactions

Another significant player in this trend is a whale with a robust portfolio, having purchased 2,800 ETH with 7.29 million USDT. This whale's holdings amount to 82,780 ETH, valued at approximately $150.3 million, acquired at an average price of $1,816 since the start of the year. These transactions highlight the growing interest and confidence in Ethereum's potential.

Surge in Large Transactions

Data indicates a rise in large Ethereum transactions, with volumes reaching $8.2 billion. Transactions involving ETH worth at least $100,000 have surged by 65.99% in the past 24 hours. This increase underscores the significant role whales are playing in Ethereum's market dynamics, potentially influencing price stability and growth.

Ethereum Price Momentum

Ethereum's price has seen a notable increase, jumping 11.42% in the last 24 hours to reach $2,645.07. This growth is partly driven by market excitement following the approval of a spot Bitcoin ETF by the SEC. This development has fueled speculation about a possible spot Ethereum ETF, boosting retail and investor sentiment. Ethereum is now approaching the $2,700 mark, reflecting optimism in the market.

Ethereum whales are strategically accumulating, which is shaping market trends and potentially setting the stage for further price increases. This activity, combined with positive regulatory news, is enhancing Ethereum's position in the crypto ecosystem.