In a recent analysis by Spot On Chain, a significant Ethereum whale has been identified engaging in notable accumulation activity that has caught the attention of the ETH community. The whale address in question has reportedly purchased a total of 64,501 ETH over the past three days, translating to a substantial $187 million at current market prices. This recent surge in accumulation by the whale has sparked speculation and interest among market participants.
Spot On Chain reported that the whale recently acquired approximately 13,526 ETH at an average price of $2,947 per ETH, totaling around $39 million. In addition to this purchase, the whale also withdrew 10,136 ETH from Binance while simultaneously acquiring 3,390 ETH from 1inch. These transactions have contributed to the whale’s growing accumulation of ETH, now totaling over 64,000 ETH in just three days.
The data from Spot On Chain further reveals that the whale’s wallet currently holds a total of 91,321 ETH, along with approximately $49.8 million worth of USDT and 5,485 STETH. These assets add up to an estimated value of $334 million. The accumulation activity and large holdings of the whale have led to speculation within the community regarding the whale’s bullish outlook on Ethereum’s future trajectory.
Despite a recent pullback from its peak, Ethereum has continued to showcase bullish momentum, with a nearly 6% increase in trading value over the past week. While briefly surpassing the $3,000 mark, Ethereum is currently trading around $2,900. This slight retracement has not deterred optimism within the crypto community, as many anticipate further upward movement in the near future.
Industry experts have shared their opinions on Ethereum’s performance, with some predicting significant growth in the coming months. Stefan von Haenisch of OSL SG Pte in Singapore believes Ethereum has the potential to outperform Bitcoin, citing speculation around the approval of spot Ethereum exchange-traded funds in the US. Michaël van de Poppe, CEO of MN Trading, echoes this sentiment, forecasting a potential surge for Ethereum to reach $3,800 to $4,500 in the near term.
The recent accumulation activity of the Ethereum whale has garnered attention and sparked speculation within the ETH community. With expert forecasts pointing towards further growth and optimism surrounding Ethereum’s potential, the market remains dynamic and exciting for investors and enthusiasts alike. It is essential to conduct thorough research and exercise caution when making investment decisions in the ever-evolving crypto space.