Ethereum (ETH) has seen a significant increase of 11.4%, with whales in the crypto ecosystem playing a major role in this surge. Data from the crypto analytics platform Lookonchain reveals that a whale with the wallet address “0xAA15” withdrew 5,762 ETH, equivalent to approximately $15.06 million, from Binance. This whale has purchased a total of 50,733 ETH, worth around $99.2 million, at an average price of $1,955 since September 19, 2023.

Another whale, identified as “0x9314”, has also made substantial purchases, spending 7.29 million USDT to acquire 2,800 ETH. This whale has a robust portfolio, having accumulated a total of 82,780 ETH, valued at approximately $150.3 million, at an average price of $1,816 since January 1, 2023.

The shift towards Ethereum by these whales is contributing to the $8.2 billion in large transaction volumes, as reported by IntoTheBlock. These transactions, involving at least $100,000 worth of ETH, have increased by 65.99% in the past 24 hours. The activity of these whales is significantly influencing the digital currency market as Ethereum strives to regain its lost ground.

At the time of writing, Ethereum has risen by 11.42% in the past 24 hours to $2,645.07. The cryptocurrency has grown from a 24-hour low of $2,353.93, driven in part by the market hype following the approval of a spot ETF by the United States Securities and Exchange Commission (SEC). This approval has boosted the sentiment that a spot Ethereum ETF might also be imminent, further pushing retail sentiment. Ethereum is now notably eyeing the $2,700 benchmark.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	positive
Relevance Score	1
People	None
Companies	IntoTheBlock, United States Securities and Exchange Commission, Binance, Lookonchain, U.Today
Currencies	Tether, Ethereum
Securities	None