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

Lookonchain also reports another whale, “0x9314”, who spent 7.29 million USDT to purchase 2,800 ETH. This whale joined the accumulation of the second-largest cryptocurrency about two hours ago. This whale has a more robust portfolio, having accumulated a total of 82,780 ETH, worth approximately $150.3 million at an average price of $1,816 since Jan 1, 2023.

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

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 to its current price, partly driven by the market hype following the approval of a spot ETF by the United States Securities and Exchange Commission (SEC). This approval is enhancing the sentiment that a spot Ethereum ETF might also be imminent. This has further boosted retail sentiment, with Ethereum now notably aiming for 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