Crypto Whales Buy and Stake $45.5 Million in Ethereum (ETH): Price Impact

8 months ago 3

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A crypto whale has staked a staggering $45.5 million in Ethereum (ETH). This action and other whales’ accumulations have led to a notable surge in the crypto price.

This bold move underscores the growing confidence among major investors in Ethereum’s long-term potential.

Ethereum Price Approaches $3,300 Level Amidst Whale Accumulation

Recent data from the on-chain analytical platform Lookonchain reveals a fascinating development. A prominent whale wallet, 0x8B9, withdrew 14,632 ETH, valued at approximately $45.5 million, from Binance and staked it all within just six days.

Moreover, another report from Spot On Chain highlights an equally intriguing transaction. A new wallet, identified as 0xBa7, executed a significant withdrawal of 3,000 ETH ( approx. $9.18 million) from Kraken, with Ethereum’s price at $3,061 at that moment. Interestingly, ETH is the only token this whale has chosen to accumulate, signaling a targeted investment approach.

Furthermore, there has been more whale accumulation over the weekends. Specifically, two new wallets withdrew a total of 6,000 ETH from Kraken, totaling an impressive $18.17 million, at an average price of $3,028. These withdrawals from centralized exchanges to self-custody solutions suggest a long-term holding strategy. Consequently, this reduces the selling pressure on Ethereum and fosters a bullish market sentiment.

The impact of these strategic moves is clearly visible in Ethereum’s price trajectory. Over the past month, ETH has seen a remarkable rise, with its value increasing by nearly 35%. This surge has pushed the price of ETH to $3,100, a peak not seen since April 2022. Market intelligence firm Decentrader has been closely monitoring this trend. They suggest market bulls aim for a new resistance level at $3,300.

“Not sure who needs to hear this, but the [Ethereum] bull run started in October. $10k is the conservative target for this cycle,” pseudonymous trader Un1c0rn said on X.