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Cryptocurrency markets are experiencing a noticeable decline, while Ethereum whale activity has significantly increased. Particularly, major cryptocurrencies like Bitcoin, Solana, and XRP have seen notable declines, while on the Ethereum side, there is significant whale movement interpreted as substantial buying by the whales. This situation has also led to speculation within the crypto community about the effects on Ethereum’s price direction.
Ethereum Whale’s Purchases
In recent hours, an Ethereum whale purchased $121 million worth of ETH from Binance, moving against the market trend.
This purchase, amounting to 37,018 ETH, has sparked rumors about the investor’s behavior and the potential impact on Ethereum’s price amidst high market volatility.
Moreover, this significant accumulation is interpreted by some as the whale’s strategic move to capitalize on market fluctuations, and it has not gone unnoticed by market observers.
The same whale’s accumulation over the past five days has also attracted attention. This whale has accumulated a total of 62,140 ETH worth $208 million.
Despite experiencing a loss valued at $5.28 million for now, the investor’s actions seem to indicate a belief in Ethereum’s long-term trajectory.
This buying move also comes ahead of a potential Ethereum ETF approval in Hong Kong on April 15.
Ethereum Price Falls
Alongside the significant purchase, another major event occurred in the market. Another whale address sold 48,632 ETH worth $158.95 million on Binance.
This move, compared to the aforementioned whale’s accumulation, has brought market volatility to a new level, showing that market players are positioning their investments differently.
In particular, this sale has clearly contributed to short-term market volatility, offering opportunities for investors to strategically navigate the volatility.
Ethereum continues to attract the attention of whales due to its position and size within the cryptocurrency ecosystem.
While all this is happening, the price of Ethereum is finding buyers at $3,269.91, reflecting a 7.06% decrease at the time of writing, with the trading volume over the last 24 hours up by 88.85% to $24.24 billion. In the last 24 hours, the ETH price has fluctuated between $3,540.46 and $3,103.43.
