Significant developments continue in the cryptocurrency market. A crypto whale has allocated an eye-catching investment of $45.5 million to Ethereum. This step, along with other whales’ accumulations, led to a notable increase for the altcoin king. This significant move underscores the growing confidence among big investors in Ethereum‘s long-term potential.
Whales Focus on Ethereum
Data from the blockchain analytics platform Lookonchain reveals a fascinating development. A leading whale wallet, 0x8B9, withdrew approximately $45.5 million worth of 14,632 Ethereum from Binance and staked it all within just six days, causing a big stir in the crypto community.
Additionally, another report from a different blockchain data analytics platform, Spot On Chain, highlights an equally interesting transaction. A new wallet identified as 0xBa7 withdrew a significant amount of 3,000 Ethereum, valued at about $9.18 million, from Kraken, and at the time of the transaction, Ethereum’s price was at $3,061. Interestingly, Ethereum is the only crypto asset this whale chose to accumulate, indicating a significant investment approach.
What’s Happening on the Ethereum Front?
In addition to these developments, there was more whale accumulation over the weekends. Specifically, two new wallets withdrew a total of 6,000 Ethereum from Kraken, reaching an impressive sum of $18.17 million at an average price of $3,028. These withdrawal transactions from centralized exchanges to self-custody solutions point to a long-term holding strategy. Consequently, this reduces selling pressure on Ethereum and supports a bullish trend in the market.
The impact of these strategic moves is clearly visible in Ethereum’s price trajectory. Last month, Ethereum’s value increased by approximately 35%, showing a notable rise. This increase brought Ethereum’s price to a peak of $3,100, unseen since April 2022. Blockchain data analytics platform Decentrader is closely monitoring this trend. Expert analysts are suggesting targeting a new resistance level at $3,300. Popular analyst Un1c0rn X commented on the matter:
“I’m not sure who needs to hear this, but the Ethereum bull run started in October. $10,000 could be an important target for this cycle.”
