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Ethereum‘s (ETH) price has risen significantly in the last few weeks. This has led to increased optimism among both analysts and investors. Many of these holders have made substantial profits due to this price increase. According to Lookonchain’s data, a whale invested in the Ethereum ecosystem.
Whale Activity in Ethereum
The mentioned whale had accumulated a significant amount of altcoins even before the news of the SEC approving ETFs linked to ETH. This purchase consisted of 8,733 ETH at a price of $3,054.56 per token, representing a total investment of 26.67 million USDT. As a result, at the time of writing, the whale had an unrealized profit of 6 million dollars.
Taking advantage of the positive sentiment surrounding the SEC’s approval, the whale then invested 24.7 million dollars in various tokens within the ecosystem, investing in the Ethereum ecosystem. The interest shown by whales in ETH may indicate that large investors see significant value in the altcoin, potentially leading to more investors buying and the price rising.
Santiment Data on ETH
This could lead to a positive feedback loop for ETH in the future. However, those interested in ETH are not just whales. Analysis of Santiment data revealed that individual investors have also accumulated significant amounts of altcoins. The address group holding 0 to 1 ETH showed a substantial increase in accumulation. With more buyers in the market, upward pressure on prices could form.
A larger pool of ETH being bought and sold by individual investors could increase liquidity, making trading easier without significantly affecting the price. This could reduce the centralization of ETH. At the time of writing, ETH was trading at $3,814.18, having increased by 1.16% in the last 24 hours. The transaction speed of ETH also increased, which could mean more transactions. However, network growth had decreased, indicating that new users might not be willing to buy at the altcoin’s price.
