Crypto News

Bitcoin And Ethereum Surge As Whales Fuel Buying Frenzy

Recent data from Binance reveals a significant breakthrough in both Bitcoin (BTC) and Ethereum (ETH) prices, with BTC surpassing $72,000 and ETH exceeding $3,600.

The surge in prices coincides with a flurry of activity on the network, leading to a total liquidation of $148 million in the past 24 hours, with short positions accounting for $103 million of the liquidations.

According to CoinShares, the digital asset investment market continues to see strong inflows, with a record $646 million pouring into investment products last week alone. The total inflow for the year has now reached an all-time high of $13.8 billion. 

While Bitcoin saw inflows of $663 million, short Bitcoin investment products experienced outflows for the third consecutive week, totaling $9.5 million. Similarly, Ethereum witnessed outflows for the fourth consecutive week, amounting to $22.5 million.

Amidst Ethereum’s price surge, on-chain data suggests significant buying activity by whales. Spotonchain data reveals that two whales recently spent a combined total of $35.11 million in stablecoins to acquire 10,322 ETH, driving the price above $3,400. 

Whales Accumulate Massive Amount Of Ethereum ETH 

One entity, represented by eight wallets, invested $20.86 million in USDT to purchase 6,145 ETH, while another whale, identified as 0x5e9, spent $14.25 million in DAI to acquire 4,178 ETH. Notably, 0x5e9 had previously realized a profit of $7.48 million from ETH and WBTC trades.

Additionally, two more whales, 0x666 and 0x435, withdrew a total of 11,657 ETH ($40.28 million) from Binance at approximately $3,455 per ETH.

Meanwhile, Abraxas Capital Management seized an opportunity during the ETH pullback period, profiting $5.09 million. 

The institution acquired 19,808 ETH from Binance at an average price of $3,347, totaling $66.29 million. With ETH quickly rebounding to $3,600, the institution made a $5 million profit in just six days.

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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