In the ever-evolving cryptocurrency landscape, Ethereum has notably surged by over 30% since the dawn of 2024, now hovering around the $3,000 mark. This uptrend in Ethereum’s price has sparked considerable interest, particularly among large-scale investors colloquially called “whales.”
Recent observations in on-chain data suggest these whales’ significant accumulation of Ethereum, indicating a bullish sentiment towards the digital asset.
Spot On Chain unveils whale accumulation
Spot On Chain, a prominent platform known for sharing on-chain data insights, made waves today with revelations regarding substantial Ethereum acquisitions by a whale address. According to the platform’s data, this whale address procured approximately 13,526 ETH at an average price of $2,947 per ETH, amassing a total value exceeding $39 million.
Notably, the whale withdrew 10,136 ETH from Binance while purchasing 3,390 ETH via 1inch. Moreover, Spot On Chain disclosed that within the past three days, the whale had acquired a staggering 64,501 ETH, equivalent to a valuation surpassing $187 million at current market prices.
Adding fuel to the speculation fire, Spot On Chain raised eyebrows by reporting an additional withdrawal of $40 million USDT from Binance by the aforementioned whale. This move sparked intrigue, prompting speculation regarding its potential allocation towards further Ethereum acquisitions.
Detailed examination of whale holdings
A deeper dive into the wallet of the scrutinized whale reveals a substantial Ethereum holding of 91,321 ETH, alongside assets totaling $334 million, encompassing $49.8 million worth of USDT and 5,485 STETH.
Spot On Chain’s data further unveils previous significant transactions by this whale, notably a purchase of 32,002 ETH amounting to $93 million on February 19. Within 19 hours, the platform reported an additional acquisition of 21,353 ETH via 1 inch and a withdrawal of 10,649 ETH from Binance.
Market dynamics and liquidations
Despite Ethereum’s commendable price performance, recent market dynamics have exhibited volatility. In the last 24 hours, Ethereum experienced a marginal 0.17% increase in price, trading at $2,907. However, the digital asset faced resistance after closing its daily candle at $3,014, failing to sustain support above the $3,000 threshold.
Notably, CoinGlass data highlights the liquidation of ETH positions worth $59.2 million within the same period, with short positions constituting $32 million of these liquidations.
