Recent on-chain data from Spot On Chain has revealed significant accumulation activity by an Ethereum whale, causing a stir within the ETH community. The whale address in question has purchased a total of 64,501 ETH in the past three days, amounting to approximately $187 million at current market prices.
The whale’s continuous accumulation of Ethereum, with the latest purchase of 13,526 ETH at an average price of $2,947 per ETH, has led to speculation about the whale’s outlook on Ethereum’s future trajectory. The withdrawal of 10,136 ETH from Binance, along with the purchase of 3,390 ETH from 1inch, further adds to the whale’s already substantial holdings.
Whale’s Wallet Composition
Spot On Chain shared an image of the whale’s portfolio, revealing a total of 91,321 ETH, in addition to approximately $49.8 million worth of USDT and 5,485 STETH. These assets combined are estimated to be worth $334 million.
Ethereum’s Market Performance
Despite a recent pullback from briefly surpassing the $3,000 mark, Ethereum has continued to showcase bullish momentum, trading up by nearly 6% over the past week. Industry experts like Stefan von Haenisch of OSL SG Pte and Michaël van de Poppe of MN Trading have expressed optimism about Ethereum’s potential to outperform Bitcoin in the coming months.
Stefan von Haenisch believes that Ethereum’s potential could be fueled by speculation surrounding the approval of spot Ethereum exchange-traded funds in the US. Similarly, Michaël van de Poppe forecasts a potential surge for Ethereum to reach levels between $3,800 to $4,500 in the near future.
The recent accumulation activity by the Ethereum whale, along with the positive outlook on Ethereum’s price performance, has generated interest and speculation within the cryptocurrency market. While the whale’s actions may indicate bullish sentiment towards Ethereum, it is essential for investors to conduct thorough research and consider the risks associated with investing in cryptocurrencies.
Disclaimer: The information provided in this article is for educational purposes only and does not reflect the opinions of NewsBTC. Investors are advised to make investment decisions based on their own research and to be aware of the risks involved in cryptocurrency trading. Use the information provided in this article at your own discretion.