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Ethereum (ETH) whales made headlines today by initiating a significant buying spree. As ETH started to recover its recent losses, whales continued to accumulate Ethereum throughout the day. According to Whale Alert, two large Ethereum transactions were executed today.
Two Whales Bought $56 Million Worth of ETH in a Short Time
In the first transaction, a whale purchased 10,986 ETH from the cryptocurrency exchange Binance and transferred these assets to a private wallet address. The transaction was valued at approximately $29.26 million at current prices. Shortly after this transaction, Whale Alert detected another large ETH transfer.
This time, a whale bought 10,000 ETH from the Binance exchange and transferred these assets to a private wallet address. This transaction was valued at approximately $26.72 million. In a short period, whales purchased a total of approximately $56 million worth of Ethereum.
Whale Purchases Are Important for Ethereum
Whale purchases of this magnitude are generally considered a bullish signal in the market. This situation attracts more investment into the market, supporting price increases. Additionally, large investors typically have long-term holding strategies, potentially reducing selling pressure. Even during price declines, whales usually avoid selling their assets and tend to make additional purchases at lower prices.
According to current data, ETH continues its upward movements. Currently, ETH is trading at $2,639 and has gained 8.33% in the last 24 hours. This rise is a significant movement for ETH, which has been considerably affected by recent downturns in the crypto market. However, looking at the weekly timeframe, a 16.18% decline is noticeable.
Despite everything, today’s rise is seen as the beginning of an important recovery process for the largest altcoin. With whales supporting the price at these levels, it seems likely that Ethereum will continue this upward trend and recover its losses.
