Crypto News

Ethereum Whales Increase Transactions As Price Surges

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.

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.

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.

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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Image Source: nexusplexus/123RF // Image Effects by Colorcinch

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