Ethereum whales have ramped up their activity significantly, with large transactions (each valued over $100,000) hitting the highest levels since March, according to market intelligence platform Intotheblock.
This surge in whale transactions aligns with Ethereum’s recent price rally, driven by speculations that the chances of $ETH spot ETF approval have improved.
Ethereum whales have significantly increased their activity recently, with the number of large transactions (each valued at over $100,000) reaching the highest level since March, as reported by the market intelligence platform Intotheblock. This uptick in whale transactions…
— Bitcoin.com News (@BTCTN) May 23, 2024
The net flow of Ethereum into large holders’ wallets indicates a positive trend, showing that major investors have been net-buying. This uptick in activity and positive net flow suggest growing confidence among large investors in Ethereum’s future performance.
Key Ethereum Transactions by Prominent Figures
Ethereum co-founder Jeffrey Wilcke (@jeffehh) recently deposited 10,000 $ETH (worth $37.38 million) to Kraken at a price of $3,738 as Ethereum’s price surged.
Since the beginning of 2024, Wilcke has deposited a total of 24,300 $ETH to Kraken at an average price of around $3,108, totaling $75.52 million. Even after these deposits, Wilcke still holds a substantial amount of Ethereum, approximately 126,000 $ETH valued at $473 million.
#Ethereum co-founder Jeffrey Wilcke (@jeffehh) deposited 10,000 $ETH ($37.38M) to #Kraken at $3,738 ~2hrs ago.
Since the start of 2024, he has deposited 24,300 $ETH to Kraken at ~$3,108 ($75.52M), with the last deposit done before the price started to soar!
Currently, Jeffrey… pic.twitter.com/sERRId8yfj
— Spot On Chain (@spotonchain) May 23, 2024
Meanwhile, James Fickel has made notable purchases, spending 10.1 million $USDC to buy 2,642 $ETH at $3,820. Additionally, Fickel borrowed 60 $WBTC from Aave to exchange for another 1,095 $ETH, valued at $4.19 million, indicating continued buying interest.
Correction: Just now, James Fickel spent 10.1M $USDC to buy 2,642 $ETH at $3,820!
Note that after the purchases using $USDC mentioned above, he has further borrowed 60 $WBTC from #Aave to exchange for another 1,095 $ETH ($4.19M).
The buying may continue!
— Spot On Chain (@spotonchain) May 23, 2024
Market Implications
This increase in whale activity and strategic accumulation by key figures highlight a bullish sentiment in the Ethereum market. The large transactions and net inflows suggest that major investors are positioning themselves ahead of potential regulatory approvals and market developments. With such significant movements from influential holders, Ethereum’s price dynamics could see further volatility and potential upward momentum.
Investors should keep a close eye on these developments and consider the implications of large-scale accumulations and market strategies employed by Ethereum whales.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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