Ethereum (ETH) today made a jump up to approximately $29,000, a price level that has not been seen since April 2022. In the recent updates, the cryptocurrency is priced at $2,909.84, marking an impressive weekly gain of about 18% and a 3.73% increase within the last 24 hours. Meanwhile, Lookonchain, one of the well-known crypto analytics platforms tweeted about a big buy by one of the leading players in the cryptosphere.
Strategic Acquisition Of Ethereum
The activity of this prominent investor, popularly referred to as a “whale” among the cryptocurrency community due to his significant holdings and market power, has been very remarkable. Lookonchain reveals that the whale made a series of big deals that took advantage of increasing ETH prices.
However, to the latest move, the whale began by withdrawing an overwhelming 100 million USDT from Binance which is a leading cryptocurrency exchange. Later on, the whale bought 60 million USDT and used it in the purchase of 21,353 ETH at an average price of $2,810 per token. Thereafter, another 10,649 ETH amounting approximately to $30.68 million was withdrawn from Binance.
Moreover, a further withdrawal of 11,587 ETH worth about $33.5 million was made by the whale from Binance in subsequent trade transactions thus showing more faith in Ethereum’s bullishness. This means that these moves collectively speak to a proactive investment approach confirming the high-stake belief that Ethereum will continue its upward trend.
Furthermore, it has also been observed in the records that from 8th February, according to another tweet from Lookonchain, this whale has continued to buy ETH and had a balance of 64,346 ETH worth $178.9 million from various exchanges either centralized (CEX) or decentralized (DEX). This further shows that investors are positive about the future prospects of Ethereum.
Attracted both institutional and retail investors’ attention to Ethereum, it is therefore not surprising that market participants are keenly watching such whales for any sentiments about the ongoing market trends as well as speculations of what the prices might be tomorrow. However, given the volatility and rapid fluctuations that define the cryptocurrency landscape, moves made by major actors like this one translate into confidence within the market.
Related Reading | Analyst Warns Of Bitcoin Correction Amidst Market Fluctuations