Ethereum (ETH) Jumps 11.4%, Here's How Whales Are Changing the Game
U.Today: There is a continuous mega accumulation of (ETH) by whales within the crypto ecosystem. According to data from crypto analytics platform Lookonchain, a whale with the wallet address “0xAA15” withdrew a total of 5,762 ETH worth approximately $15.06 million from Binance today. In total, this whale has purchased a total of 50,733 ETH ($99.2 million) at an average price of $1,955 since September 19, 2023.
According to Lookonchain's outlook, another whale, “0x9314”, also spent 7.29 million USDT to buy 2,800 ETH today, joining the massive accumulation of the second-largest cryptocurrency about two hours ago. This particular whale has a stronger portfolio, having accumulated a total of 82,780 ETH worth approximately $150.3 million at an average price of $1,816 since January 1, 2023.
The intriguing switch to Ethereum by these whales complements the $8.2 billion in large transaction volumes according to data from IntoTheBlock. These large transactions, involving at least $100,000 worth of ETH, have increased by 65.99% in the last 24 hours.
Ethereum whales are notably helping to change the game as the digital currency struggles to regain lost ground to price action.
Ethereum price in mix
At the time of writing, Ethereum is up 11.42% in the last 24 hours to $2,645.07. The cryptocurrency has risen from a 24-hour low of $2,353.93 to its current price, driven in part by the hype sweeping the market following the U.S. Securities and Exchange Commission's approval of a spot ETF. (SEC).
This approval is fueling sentiment that the Ethereum spot ETF could also be on the way. This has also further boosted retail sentiment, with Ethereum now notably targeting the $2,700 benchmark.
This article was originally published on U.Today.
