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Ethereum Whales Fuel Mega Accumulation in Crypto Market

Explore the recent surge in Ethereum accumulation by whales and its impact on the cryptocurrency market.
Published on 2024-01-25

Massive Ethereum Accumulation by Whales

Ethereum (ETH) is witnessing a significant accumulation by crypto whales. A notable whale, identified by the wallet address "0xAA15," recently withdrew 5,762 ETH valued at approximately $15.06 million from Binance. This whale has amassed a total of 50,733 ETH, worth about $99.2 million, since mid-September 2023, at an average price of $1,955 per ETH.

Similarly, another major player, "0x9314," invested 7.29 million USDT to acquire 2,800 ETH. This whale's holdings now total 82,780 ETH, valued at around $150.3 million, acquired at an average price of $1,816 since the beginning of 2023.

Impact of Large Transactions

The strategic accumulation by these whales aligns with a broader trend of large transaction volumes within the Ethereum network. Reports highlight an $8.2 billion surge in transactions valued at $100,000 or more, marking a 65.99% increase in the past 24 hours. This activity underscores the influential role whales play in shaping Ethereum's market dynamics.

Ethereum's Price Movement

Ethereum's price has surged by 11.42% over the last day, reaching $2,645.07. This rise follows a recent low of $2,353.93, fueled in part by market excitement over the approval of a spot Bitcoin ETF by the SEC. This development has sparked optimism about a potential spot Ethereum ETF, further invigorating retail investor sentiment. Ethereum is now poised to challenge the $2,700 mark.

The actions of these Ethereum whales are pivotal in influencing price trends and market confidence, highlighting the significant impact of large-scale investors in the cryptocurrency landscape.

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