Crypto News

Whales Continue To Accumulate ETH Despite Market Volatility

Recent data from Spotonchain indicates that whales are continuing to accumulate Ethereum (ETH), despite the recent market turbulence.

In the past 24 hours, one prominent whale, identified as 0x435, withdrew a substantial amount of 7,128 ETH ($22.2 million) from Binance at a price of $3,111.

Interestingly, despite the market downturn causing a 5.12% drop in ETH price over the past 12 hours, this whale remains undeterred, having allegedly bought 164,570 ETH at an average price of $3,174 since March 31, 2024. 

Notably, within the past 7 days alone, the whale accumulated 68,113 ETH at an average price of $3,111, amounting to $212 million.

Additionally, another whale, identified as 0x0d7, withdrew 1,800 ETH ($5.71 million) from Binance for the first time, indicating a potential entry into ETH accumulation. This wallet, however, has yet to show any activity besides accumulating ETH.

More Whales Makes Strategic Investments In Purchasing Ethereum ETH

Furthermore, whale 0xe0b made significant purchases of 1,524 STETH at an average price of $3,159, spending $4.185 million in stablecoins such as USDT, USDC, and DAI. 

This whale has allegedly bought a total of 2,991 (ST)ETH at an average price of $3,167 in the past 11 hours, bringing their total holding to 3,384 (ST)ETH, valued at $10.65 million. Notably, this accumulation strategy has yielded an estimated profit of $361,000, representing a 3.42% increase.

Despite the recent volatility in the market, whales seem confident in Ethereum’s long-term potential, as evidenced by their continued accumulation activities. 

This trend suggests underlying confidence in ETH’s value proposition and its future prospects within the cryptocurrency ecosystem.

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: iloveotto/123RF // Image Effects by Colorcinch

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