The recent on-chain data from Spot On Chain has revealed that an Ethereum whale has been actively accumulating ETH. The whale address in question has purchased a total of 64,501 ETH in the past three days, which amounts to approximately $187 million at current market prices. This significant accumulation activity has sparked interest and speculation within the ETH community.
According to Spot On Chain, the whale recently acquired approximately 13,526 ETH at an average price of $2,947 per ETH. This purchase, valued at over $39 million, adds to the already substantial holdings of the whale, indicating a bullish outlook on Ethereum’s future trajectory. The data also reveals that the whale withdrew 10,136 ETH from Binance while purchasing 3,390 ETH from 1inch. These recent acquisitions have brought the whale’s total accumulation of ETH in the past three days to 64,501 ETH.
In addition to the ETH holdings, Spot On Chain highlights the withdrawal of an additional 40 million USDT from Binance, leading to speculation about further Ethereum purchases. The whale’s wallet reportedly holds a total of 91,321 ETH, along with approximately $49.8 million worth of USDT and 5,485 STETH. This impressive portfolio is estimated to be valued at $334 million.
Ethereum’s Price Movement and Expert Predictions
Despite Ethereum’s recent bullish momentum, with a nearly 6% increase over the past week, the cryptocurrency has experienced a slight retracement, trading around $2,900 at the time of writing. However, this pullback has not deterred optimism within the crypto community. Industry experts, such as Stefan von Haenisch and Michaël van de Poppe, have weighed in on Ethereum’s performance, with expectations of further upward movement and potential outperformance compared to Bitcoin in the coming months. Haenisch attributes this optimism to speculation surrounding the potential approval of spot Ethereum exchange-traded funds in the US, while van de Poppe forecasts a potential surge for Ethereum to reach $3,800 to $4,500 in the near future.
Disclaimer
It is important to note that the article provided here is for educational purposes only and does not represent the opinions of NewsBTC on investment decisions. Investing in cryptocurrencies carries inherent risks, and it is advisable to conduct thorough research before making any investment choices. Utilize the information provided at your own risk.
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