According to estimates from Lookonchain, cryptocurrency whales have taken out over $64 million worth of Ethereum (ETH) from key exchanges in a noteworthy show of confidence in the platform. This noteworthy activity and the notable spike in the price of ETH coincide, generating more attention and speculative activity in the cryptocurrency market. According to Lookonchain, a sizable portion of ETH has been moved from exchanges to safer storage options. The Ethereum address 0x8B94 made a notable withdrawal of 14,632 ETH from Binance, which is estimated to be worth $45.5 million. These funds have been actively staked over the last six days, as opposed to sitting inert.
In addition, the examination revealed the appearance of two fresh whale wallets, which combined transferred 6,000 ETH, or $18.7 million, from Kraken to unidentified locations in the last 48 hours. This pattern indicates that large investors are becoming more inclined to acquire big amounts of Ethereum outside of exchange platforms.
These significant transactions take place in opposition to the current state of the Ethereum market, where the price of the cryptocurrency is $3,059, up 1.37% in the last day and impressively up 38.26% in the last month. Furthermore, during the same 24-hour period, Ethereum’s trading volume increased by 9.77% to $13,810,498,210, indicating increased activity and interest in the cryptocurrency market.
Massive Ethereum Whale Investments
On Sunday, February 24th, the price of Ethereum (ETH) spiked up to over $3,050, marking a new milestone for 2024 and stoking hopes for another bullish rise in the coming week. After Bitcoin ETFs were made available for weekly trading on February 23, on-chain data suggests that crypto whale investors are now paying more attention to ETH.
Unusually for the market, Ethereum has drawn more interest from investors than Bitcoin, surpassing the top cryptocurrency by more than 8% in the last week. According to recent patterns among cryptocurrency whales, ETH values are expected to surpass those of BTC in the following week. On a particular cryptocurrency network, the quantity of coins kept in the biggest wallets is displayed in Santiment’s Supply Held by Top Addresses chart. Notably, on Friday, February 23rd, the top 1,000 ETH wallets amassed a combined balance of 69.51 million ETH. But these top Ethereum holdings added 170,000 ETH over the weekend, bringing their totals as of Sunday, February 25th, to 69.68 million ETH.
The whale wallets, which are currently valued at $3,040 per coin, have made almost $514 million in investments in the past 48 hours. Prices rise when the biggest participants in an ecosystem make significant purchases in a brief amount of time.