Ethereum Price Skyrockets Over 10% As Whales Increase Holdings Amidst Spot ETFs Anticipation
The cryptocurrency landscape is witnessing a significant surge in the price of Ethereum (ETH), with whales playing a pivotal role by accumulating substantial amounts of the digital asset.
This development comes amid heightened enthusiasm surrounding the potential approval of Spot ETFs.
According to insights from Lookonchain, a notable whale engaged in a strategic move, repeatedly acquiring loans in Wrapped Bitcoin ($WBTC) and subsequently converting them into Ethereum once the approval for the spot Bitcoin ETF materialized.
The whale executed a series of trades, exchanging a total of 621 $WBTC (equivalent to $28.95 million) for 11,663 $ETH. It’s worth noting that this whale has maintained a long position in the ETH/BTC trading pair.
After the spot #Bitcoin ETF was approved, this whale continued to borrow $WBTC and exchange it for $ETH.
This whale borrowed a total of 621 $WBTC($28.95M) and exchanged it for 11,663 $ETH at a rate of 0.05327.
The whale is long the ETH/BTC trading pair!https://t.co/4uE6Lhgjzx pic.twitter.com/4x93OmYRHL
— Lookonchain (@lookonchain) January 11, 2024
More Massive ETH Whale Movement From Exchanges To Watch
Another prominent player in the crypto space, identified as 0xAA15, withdrew a substantial amount of Ethereum from Binance, specifically 5,762 $ETH valued at $15.06 million, just a few hours ago. Since September 19, 2023, this whale has consistently purchased 50,733 $ETH (amounting to $99.2 million) at an average price of $1,955.
Giant whales continue to accumulate $ETH!
0xAA15 withdrew 5,762 $ETH($15.06M) from #Binance again 2 hrs ago and has bought 50,733 $ETH($99.2M) at $1,955 since Sept 19, 2023.
0x9314 spent 7.29M $USDT to buy 2,800 $ETH again 2 hrs ago and has bought 82,780 $ETH($150.3M) at $1,816… pic.twitter.com/2pH39afaiF
— Lookonchain (@lookonchain) January 11, 2024
In a parallel move, another whale with the address 0x9314 invested $7.29 million in USDT to acquire 2,800 $ETH. This strategic move follows a broader trend, as this whale has accumulated a total of 82,780 $ETH (equivalent to $150.3 million) at an average price of $1,816 since January 1, 2023.
The cumulative impact of these whale activities has contributed to Ethereum’s notable surge, surpassing a 10% increase in its price today. As market participants eagerly await the potential approval of Spot ETFs, the actions of these influential players underscore the profound impact that large-scale transactions can have on the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
