Massive Whale Bought $155.7 Million Worth Of Ethereum, Making Price Soar To Almost $3,000

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As the crypto market is entering into the bullish phase, a substantial Ethereum (ETH) whale has seized the opportunity with a massive acquisition, accumulating $155.7 million in ETH. This acquisition comes as Ethereum edges closer to the $3,000 mark, sparking optimism among investors.

Anonymous Hefty ETH Acquisition 

In a recent tweet post SpotOnChain, a prestigious cryptocurrency analysis firm sheds light on the anonymous acquisition made by Whale. In a mere 50 minutes, this influential whale secured 22,719 Ethereum (ETH), making a noteworthy investment of $65.7 million.

This remarkable acquisition strategy involved a strategic withdrawal of 19,226 ETH, equivalent to $55.6 million, directly from one of the most prominent cryptocurrency exchanges, Binance. 

Simultaneously, the whale opted for a decentralized approach by conducting a swap of 10.1 million USDT for 3,493 ETH through the decentralized finance (DeFi) platform 1inch. This intricate move showcases the whale’s agility in navigating both centralized and decentralized aspects of the crypto space.

24-Hour Buying Spree

The buying momentum didn’t stop there. Over the last 24 hours, this crypto whale has been on a buying spree, accumulating a total of 54,721 ETH through transactions on Binance and 1inch. 

The estimated expenditure for this significant ETH acquisition stands at approximately $155.7 million, with the average purchase price hovering around $2,845 per ETH.

With an average purchase price calculated at approximately $2,845 per ETH, this whale’s acquisition spree comes at a time when the broader cryptocurrency market is witnessing notable fluctuations. 

The average price indicates a level of strategic precision in the acquisition, sparking curiosity within the crypto community about the potential motivations and implications of such a substantial investment.

Ethereum Price Near $3k

However, some analysts believe that this could attract more attention from institutional investors towards Ethereum. The growing excitement around the potential launch of a spot ETH ETF might contribute to further driving up Ethereum’s price as it inches closer to the significant $3,000 milestone

Interestingly, this buying activity aligns with a noteworthy surge in the price of Ethereum, surpassing the $2,910 mark a 3.69% increase. 

In the last 24 hours, Ethereum’s trading volume has seen a significant surge, jumping by 53.44% to reach $26.65 billion.