The cryptocurrency market continues to attract attention with the expectation that the U.S.’s first spot Bitcoin ETF will soon be approved. It is observed that, along with individual investors, especially whale-level large investors are actively buying Bitcoin (BTC) and altcoins, accumulating ahead of the ETF approval. On-chain data recently revealed that a large crypto whale purchased 21,192 Ethereum (ETH) at an average price of $2,265.
Crypto Whale Spends $48 Million on ETH
On-chain data provider Spot On Chain reported that a wallet address starting with 0x931… spent $48 million about 2 hours ago to purchase 21,192 ETH at an average price of $2,265. Accordingly, the whale completed this substantial ETH purchase in two transactions.
The data indicates that the crypto whale has bought a total of 79,500 ETH from decentralized cryptocurrency exchanges (DEX) and Binance at an average price of $1,790 since January 13, 2023. The whale is currently facing an unrealized profit of $36.84 million, which corresponds to a 25.9% return on the ETH investment.
Furthermore, Spot On Chain added that the crypto whale financed its ETH purchases with revolving loans from Aave and Liquidity.
Current Status of Ethereum’s ETH
According to CoinMarketCap’s data, Ethereum, the largest smart contract platform, has seen its ETH rise by 1.92% in the last 24 hours, trading at $2,262. The data shows that the king of altcoins has fallen by 3.68% over the last 7 days but has risen by 2.62% over the last 30 days.
Looking at ETH’s price chart, it is noticeable that the asset has been consolidating for a long time between $2,350 and $2,000. Market experts and analysts expect a significant upward move in the altcoin based on this situation. The main trigger for this move is expected to be the U.S. Securities and Exchange Commission (SEC) giving the green light to at least one spot Bitcoin ETF.
