Ethereum, the second-largest cryptocurrency by market capitalization, surged close to the $3000 mark in the last 24 hours, peaking at $2983.
On-chain reports reveal a trend of significant accumulation among Ethereum whales, indicating growing interest and confidence in the digital asset.
According to on-chain data, Galaxy Digital, a prominent player in the cryptocurrency space, withdrew 26,000 ETH valued at $76.2 million from Coinbase Prime and Binance within the past 12 hours.
Another whale engaged in strategic trading maneuvers, borrowing 130 WBTC worth $6.73 million from Aave and exchanging it for 2,323 ETH.
On-chain data shows that #GalaxyDigital withdrew 26K $ETH($76.2M) from #CoinbasePrime and #Binance in the past 12 hours.https://t.co/oPJdrwWcwS pic.twitter.com/b80Lr2DqzM
— Lookonchain (@lookonchain) February 20, 2024
This individual has maintained a long position in the ETH/BTC rate since the launch of the Bitcoin ETF on January 10.
The whale borrowed 130 $WBTC($6.73M) from #Aave again and exchanged it for 2,323 $ETH.
He has been long the ETH/BTC rate since the #Bitcoin ETF launched on Jan 10.
He borrowed a total of 1,731 $WBTC($82.65M) from #Aave and exchanged it for 31,416 $ETH at 0.055.
Address:… pic.twitter.com/LU6u3tO4qV
— Lookonchain (@lookonchain) February 20, 2024
Further observations highlight notable transactions, possibly involving prominent figures in the cryptocurrency community. Speculations suggest that Justin Sun, the founder of TRON, may be involved in significant ETH acquisitions. Reportedly, a total of 54,721 ETH, valued at $154.4 million, was purchased from Binance and decentralized exchanges (DEX).
ETH Whales Wallets Show Striking Relationships
The wallet “TWGHNc,” suspected to belong to Justin Sun, made substantial deposits and withdrawals of USDT, with transaction patterns resembling those of wallet “0x7a95,” believed to be associated with Sun.
The correlation between TWGHNc and 0x7a95 transactions is striking. For instance, deposits made by TWGHNc into Binance align closely with subsequent ETH withdrawals by 0x7a95. This pattern suggests a coordinated effort in acquiring and managing ETH holdings.
1/ In the past 32 hours, someone bought a total of 54,721 $ETH ($154.4M) from #Binance and #DEX.
Who is this guy? Could be #JustinSun?
Let’s dig deeper.👇 pic.twitter.com/6yh4GRZnws
— Lookonchain (@lookonchain) February 19, 2024
The increased activity of whales in accumulating Ethereum reflects growing confidence in the asset’s long-term potential and utility within the cryptocurrency ecosystem. As Ethereum approaches key price milestones, such as $3000, market dynamics continue to evolve, driven by the actions of influential entities and traders.
While these developments signal optimism and bullish sentiment surrounding Ethereum, they also underscore the importance of monitoring whale activity and its potential impact on market trends.
As the cryptocurrency landscape evolves, investors and market participants must remain vigilant and informed to navigate the complexities of digital asset trading effectively.
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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