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.
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.
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.