Ethereum Whale Rattles Market with Noteworthy Moves

Spot On Chain’s report indicates that the identified whale address has acquired a substantial 64,501 ETH over the past three days, equivalent to approximately $187 million at current market prices.

Ethereum Whale Accumulation Insights

The latest data from Spot On Chain reveals that today alone, the whale added approximately 13,526 ETH to its portfolio at an average price of $2,947 per ETH. This latest acquisition, valued at over $39 million, supplements the already considerable holdings of the whale, indicating a positive outlook on Ethereum’s future trajectory.

Spot On Chain’s analysis further discloses that the whale executed a withdrawal of 10,136 ETH from Binance while simultaneously purchasing 3,390 ETH from 1inch. These transactions contribute to the whale’s accumulated ETH total of 64,501 over the past three days.

Moreover, Spot On Chain draws attention to the withdrawal of an additional 40 million USDT from Binance, sparking speculation about its potential utilization for further Ethereum acquisitions.

As depicted in the shared portfolio image by Spot On Chain, the whale’s wallet currently holds a substantial 91,321 ETH, along with approximately $49.8 million worth of USDT and 5,485 STETH. The total estimated value of these assets stands at $334 million.

Giant whale 0x7a9 allegedly bought 13,526 $ETH ($39.85M) at ~$2,947 again!
• withdrew 10,136 $ETH ($29.85M) from #Binance
• bought 3,390 $ETH with 10M $USDT #1inch

Overall, the whale has bought 64,501 $ETH ($185.5M) in the past 3 days!

It also withdrew another 40M $USDT from… https://t.co/UHIVXfx6Wq pic.twitter.com/ySbvIv2mux

— Spot On Chain (@spotonchain) February 21, 2024

ETH’s Price Movement and Expert Views

Ethereum continues to demonstrate bullish momentum, registering a nearly 6% increase over the past week. Despite a brief surge beyond the $3,000 threshold, ETH has retraced slightly in the last 24 hours, currently hovering around $2,900 as of the latest update.

This minor pullback hasn’t dampened optimism within the crypto community, as many foresee further upward movement. Notable figures in the industry have shared their perspectives on Ethereum’s performance. Stefan von Haenisch from OSL SG Pte in Singapore, for instance, highlights ETH’s potential to outperform Bitcoin in the coming months.

Related: Ethereum Targets $3000 with Positive On-Chain Signals

A key factor fueling this optimism is speculation surrounding the potential approval of spot ETH exchange-traded funds (ETFs) in the United States. Michaël van de Poppe, CEO of MN Trading, aligns with this sentiment, projecting a potential surge for ETH, reaching between $3,800 and $4,500 in the near term.